New Energy to the Rescue
In what I hope was the first step to resuscitating my portfolio, I had my best day since May 4th 2009. My portfolio was up 4.25%. NEWN was a key cog, giving my thesis of some of the Chinese stocks being coiled springs, as it went up 30% just on the very simple news they would actually be reporting earnings March 29th! (New Energy Systems to Host Full Year 2010 Financial Results Conference Call at 9:00 a.m. ET on Tuesday, March 29, 2011).
I think that fact alone illustrates how investors are on pins and needles regarding these hybrid stocks. The fact that they would report earnings and so by inference had passed muster with the auditors caused a 30% relief rally to $5.44. I will be curious to see where they go next. When CSKI announced they were going to report earnings (on March 9th) the stock rose from $4.67 to $5.71 in a single day (pretty similar to the NEWN move). Of course since then CSKI has dropped back to $3.84... but that was in part due to a poor quarter.
JGBO CFO Resigns
While I basked in the good news with NEWN, I did get news with JGBO that was not so welcome (Jiangbo Pharmaceuticals Announces Resignation of its Chief Financial Officer). That caused an 8% drop. They made it sound benign in the press release, but clearly the market was fearful of something more sinister.
Finally, I wish SCEI would announce an earnings date as well. I could use another 30% jump as it has wandered from over $8 a share to under $6 since November.