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

Gainers:

Cogo Group, Inc. (COGO) 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) 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) 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) is down over 3 percent to $71.67.

Trading halt:

Trading in shares of American Oriental Bioengineering, Inc. (AOB) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

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Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added. Apple Inc. has agreed to acquire Workflow, an iOS app for automating tasks, as well as its development team for an undisclosed sum. Workflow is a personal automation tool that enables the user to drag and drop combination of actions to create workflows for the iPhone, iPad and Apple Watch. After long negotiations to win over one of the largest and fastest growing smart phone markets, Apple has decided to assemble its 4-inch screen iPhone SE in India.
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