Diamonds and Dogs
4/8/13Global-Tech Advanced Innovations Inc. (GAI)
Global-Tech is short-circuiting today, down 17.14% at $6.72. The consumer electrical product company saw its shares "shock" investors after announcing its third quarter results. For the third quarter (2013), net sales were $20.6 million, compared to $22.3 million for the corresponding quarter in fiscal 2012. Net income for the first nine months of fiscal 2013 was $0.3 million, or $0.10 per share. This is significantly lower than the net income of $2.9 million, or $0.97 per share, for the first nine months of fiscal 2012. CEO John Sham said, "The growth momentum of our CCM business was slowed in the third quarter of fiscal 2013 by the unanticipated placement of purchase orders by some of our key customers for lower cost." Global-Tech is trading above its 52-week low of $4.26.
JinkoSolar Holding Co. LTD. (JKS)
JinkoSolar is going green today, up 20.48% at $5.00. The solar panel (photovoltaic) company saw its shares pop after two new releases. First, JinkoSolar announced that it entered into an agreement with China Development Bank for a 15-year loan for $58 million. The loan will provide JinkoSolar with enough capital to continue to expand its solar-power projects, and to strengthen the company's China operations. The second reason the company is up comes from news on Friday, that JinkoSolar has a deal to supply 115 Megawatt's worth of panels to South African power plants. The 115 Megawatts is broken down into two projects, one for 75MW and one for 40MW. JinkoSolar management said that deal in South Africa represents one of the most important emerging markets for the company to be in. JinkoSolar is trading in the middle of its 52-week range of $2.00-$10.07.