A Tale of Two Chinese Stocks

Not a very good week. I'll try and post the graph later this weekend. Today was a very strange day, I had one disaster and one star.

CHCG - Gak, this stock is just bound to disappoint. For some reason they announced today their CFO had resigned (China 3C Group Announces New Chief Financial Officer) and then they had scheduled a conference call for today (China 3C Group Announces Conference Call to Provide Operational Update) to discuss how their operations were progressing. I did not listen to the call, but it must have not been good as the stock started off poorly and got worse. I think they were down 30% at one point and ended up down "just" 23%. It is a testament to my portfolio that I was actually up on the day despite the meltdown.

CMED - Not a pure MFI stock, but if you adjust their earnings a bit for a "weird" quarter they are an MFI stock. They announce preliminary numbers for the quarter (China Medical Technologies Announces Selected Unaudited Preliminary Financial Results for the Fourth Fiscal Quarter and Full Year Ended March 31, 2009). Essentially earnings and revenues were up about 40% over last year, blistering numbers. The stock is still under $25 and traded over $50 last summer.

While those are the two Chinese stocks from my title, I did use a +10% day for CSKI to sell about 1/2 my position. I still have more CSKI than most my other MFI stocks, I had just let it get away a bit. So I'll be looking for new stocks over the next week or so... we'll see if my mechanical portfolio has a new idea (I did see BPI is a newbie on the list, though I don't know that I'll be a buyer).

Hope everyone has a great Father's Day weekend. I think my kids have a few surprises for me.