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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

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Editors Pick
Fashion retailer Gap Inc. said Thursday after the markets closed that its second quarter profit rose 10% from last year, helped by higher sales and a gain from asset sale. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarter sales. Separately, Gap announced plans to enter India through franchise-operated Gap brand stores in 2015. While buying interest was somewhat subdued, stocks moved mostly higher over the course of the trading day on Thursday. The gains on the day extended the recent upward trend by the markets, lifting the S&P 500 to a new record closing high. Republicans have not found much to like about President Barack Obama's nearly six years in office, but the results of a new Washington Post-ABC News poll show that a vast majority support the president's decision to launch airstrikes in Iraq.
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