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Pre-market Movers For March 16 (COGO, PWRD, STLD, AOB, SINA)

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Gainers:

Cogo Group, Inc. (COGO: Quote) is jumping 101 percent to $3.90. The China-based company announced that its founder, CEO and Chairman, Jeffrey Kang, proposed to purchase a series of operating entities accounting for approximately 30% of the company's total assets, liabilities and revenue through his personal investment venture, Envision Global Group. The company said this transaction provides an implied share valuation of $6-$8 a share.

Perfect World Co., Ltd. (PWRD: Quote) is gaining 28 percent to $16.10. The company's fourth quarter profit and revenues surged from the prior year quarter.

Decliners:

Steel Dynamics, Inc. (STLD: Quote) is falling over 2 percent to $14.32. The company expects a year-over-year drop in its first quarter earnings, which is also below the consensus estimate.

Sina Corp. (SINA: Quote) is down over 3 percent to $71.67.

Trading halt:

Trading in shares of American Oriental Bioengineering, Inc. (AOB: Quote) was halted. The company announced a delay in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, as Ernst & Young Hua Ming's audit noted certain inconsistencies. As a result, the company's Audit Committee would commence an independent investigation into the matters identified.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Toyota Motor Corp. (TM, TYT.L) Thursday announced 1.1 percent decline in worldwide production for October, as there was a sharp decline in production of passenger cars in Japan. Production outside Japan improved 2.3 percent. In a separate announcement, the Japanese automaker said it will recall more... Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%.
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