Cogo Group slips 47%, hits 52-week low on bleak business update

Cogo Group Inc. (Nasdaq:COGO) is sinking more than 47% today after the company provided a dreary company update ahead of the opening. The China-based company makes customized design solutions for technology product manufacturers. The company said sales and profit margins should stay on course with projections, but both will be pressured by weak demand and competition in the mobile handset sector. The company also said it anticipates a slowdown in demand for mid- and high-end cell phones while lower margin handsets will make up the majority of sales. Cogo Group will report its second-quarter earnings on Aug. 6, after the close.

In today’s trading, shares of Cogo Group are at $4.14 at 9:54 a.m. ET, down $3.71 from Wednesday’s close. The stock hit a 52-week low just after the opening bell. Shares have ranged from today’s $4.14 to $22.50 during the past year.

For detailed price information and recent news stories about Cogo Group Inc., click COGO.

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