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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
Stocks moved notably higher over the course of the trading day on Tuesday after recovering from an initial move to the downside. With the strong upward move on the day, the Dow reached a new record intraday high before giving back some ground. President Barack Obama is scheduled to travel to the headquarters of the Centers for Disease Control and Prevention in Atlanta, Georgia, on Tuesday to outline steps the U.S. will take to help combat the Ebola outbreak in West Africa. Senate Republicans once again voted Monday to block a Democratic bill aimed at narrowing the national gender wage gap. The Senate voted 52 to 40 in favor of limiting debate on the Paycheck Fairness Act, falling well short of the 60 votes required.
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