Stock Alert: Recon Technology Slips 9%

Shares of Recon Technology, Ltd. (RCON) are slipping nearly 9% on Friday morning. The company announced that its subsidiary, Beijing BHD Petroleum Technology Ltd, signed two contracts with North China E&P Company of China Petroleum & Chemical Corp.

RCON is currently trading at $11.63, down $1.11 or 8.71%, on the Nasdaq.

Total amount of the two contracts is RMB3.3 million or about $0.51 million.

Pursuant to these two contracts, the company has provided technical service with ultra-deep electric submersible progressing cavity pump to one gas well at the Dongsheng Field of the Second Gas Production Plant of the North China Branch and will provide the same service to another gas well at the Plant No. 2.

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