Tag - Sorl

DrdGold (Nasdaq:DROOY), Accuray Inc (Nasdaq:ARAY) and 012 Smile Communications Ltd (Nasdaq:SMLC) are among the most actively traded companies in Wednesday's trading among companies with market capitalizations under $1 billion.       

Also included among the results: Insulet (Nasdaq:PODD), SORL Auto Parts Inc. (Nasdaq:SORL), Fundtech Ltd. (Nasdaq:FNDT), Quest Energy Partners L P (Nasdaq:QELP), China Sunergy Co Ltd. (Nasdaq:CSUN) and Comverge Inc. (Nasdaq:COMV).           

Here are the most actively traded companies among small caps:   

Small-cap stocks pushed higher on the opening, lifted by a slide in crude oil prices, which extended overnight losses and moved toward $134 dollars a barrel. Equities also were underpinned by tame inflation data this morning. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was up 7.99, or 1.11%, at 727.82.

The Michigan sentiment survey came in below expectations and notched a fresh 28-year low amid consumer fretting about inflation and rising unemployment. Although the report appears bearish, and even though credit futures edged off lows, the stock market had surprisingly little immediate reaction to the number.

CPI data came out before the regular opening this morning, and although the headline figure was slightly above the forecast at 0.6%, the “core” rate, which excludes food and energy prices, was in line with expectations and the market was able to extend overnight gains after the inflation report was released. CPI on a year-over-year basis was up 4.2%, which was above the median estimate of 3.9%. These numbers might have usually been a little troubling to the stock market, but they weren’t a shock and there is some thought that if inflation remains the focal point for the Federal Reserve, it will speed up the tightening timeline, and therefore boost the dollar. However, there are a lot of hurdles to cross on that line of thinking.

Speaking of the U.S. dollar, the greenback rallied against the euro, gaining more than 100 basis points or about 0.7% and was also at fresh highs versus the yen. The firm dollar tone was a negative early today for commodities and a positive for stocks.

Early this morning, the market digested fresh dour news on the housing front as foreclosures in May were up 48% from last year, and up 7% from April, . . .

Shares of SORL Auto Parts, Inc. (Nasdaq: SORL) are gaining ground ahead of the opening bell after the Chinese manufacturer of commercial vehicle air brake valves and auto parts reported first-quarter earnings this morning that clocked in higher than a sole analyst’s estimate. Revenues increased roughly 26% in the quarter; however fell short of the Street’s view.

Shares jumped 8%, or $0.50, to $6.42 in pre-market trading. For detailed price information and recent news stories about SORL Auto Parts, click SORL.

The transport of people, materials and goods are crucial to China's monumental infrastructure build-out and its continued economic development. The nation's growth is pushing demand ever higher for passenger bus and commercial truck fleets, which is evidenced by a surge in truck and bus sales in China. In 2007, light truck sales rose 16%, heavy-duty truck sales soared $60% and bus sales were up some 20%.

As the demand for commercial vehicles continues to grow, the fortunes of Sorl Auto Parts, Inc. (Nasdaq: SORL), China’s largest manufacturer of commercial vehicle air brake systems, stand to follow. SORL manufactures, markets and distributes a comprehensive line of over 40 categories of air brake valves and components for commercial vehicles weighing over three tons, such as hand and foot brake valves, spring brake chambers, exhaust relay valves, air dryers and clutch servos (pressure boosters).

Since commercial vehicles' added weight means they take up to 40% farther than cars to stop, top-notch, braking systems are essential for truck and bus safety. With a strong reputation for using state-of-the-art technology to develop and build the highest quality and most advanced air brake systems in China, SORL is routinely awarded the "Top Supplier" designation for air brake systems by its major customers.

The only company in China that specializes in air brake valve systems exclusively, SORL has superior brand recognition and an extensive national distribution network that gives it a decisive advantage over its competitors, allowing the company to control the lion's share of a highly fragmented domestic market.

SORL has acquired vast experience in its specialty niche and forged solid relationships with China's 29 major automotive original equipment manufacturers (OEM), including Beiqi Foton, China's largest light truck manufacturer. The company also has a strong brand presence in the auto parts aftermarket, with exclusive contracts with close to 30 authorized distributors who only sell SORL-branded parts through over 800 sub-distributors nationwide.

The Russell 2000 (NYSE: IWM) futures are pointing up and the small-cap index will likely open in positive territory.

With no major economic news coming out today, investors will focus on mergers, acquisitions and corporate earnings.

Grabbing the headlines this morning is news that Citigroup Inc. (NYSE: C) suffered a 57% drop in its third-quarter profit. New York-based Citigroup, the largest U.S. bank, reported a net income of $2.38 billion, or $0.47 per share, compared with $5.51 billion, or $1.10 a share, during the same quarter a year earlier.

The financial giant blamed losses from subprime and leveraged loans, fixed-income trading and its U.S. consumer business for the decline in earnings.

Elsewhere, industrial and consumer products manufacturer Danaher Corp. (NYSE: DHR) announced that it will buy measurement equipment maker Tektronix Inc. (NYSE: TEK) for $2.85 billion. The deal is expected to close in the fourth quarter of 2007.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• SORL Auto Parts, Inc. (SORL), up 12%.
• Fuel Tech Inc. (FTEK), up 10%.
• Beacon Roofing Supply, Inc. (BECN), up 7%.

Biggest percentage losers:

• City Telecom (H.K.) Ltd. (CTEL), down 6%.
• BankUnited Financial Corp. (BKUNA), down 5%.
• American Railcar Industries, Inc. (ARII), down 3%.