Rochester, NY 2/10/2010 1:12:02 AM
China CBAK Trades on Heavy Volume Early Tuesday
China's CBAK an industrial goods company shot up 9.3 percent (21 cents) to $2.48 Tuesday morning. This surge on a presentation filed with the SEC stating expectations of $270 million full year revenues. This is markedly above one analyst's projection of $240.5 million. Early Tuesday saw volumes hitting 82,000 shares, as compared to average daily volume of 2.25 million over 50 days.
Shares are trading 2.42 Up 0.15 (6.61%) as this is written.
About China BAK Battery, Inc
China BAK Battery, Inc. engages in the manufacture, commercialization, and distribution of various standard and customized lithium ion rechargeable batteries. The company offers various products, such as aluminum-case prismatic, cylindrical lithium-ion, high-power lithium-phosphate, and lithium polymer cells. Its products are used to power various applications comprising cellular phones; notebook computers; portable consumer electronics, such as digital cameras, portable media players, portable gaming devices, and personal digital assistants; and other applications, including cordless power tools, mining lamps, light electric vehicles, and hybrid electric vehicles. China BAK Battery sells its products to battery pack manufacturers, original equipment manufactures, and replacement battery manufacturers primarily in the People's Republic of China, Taiwan, India, the United States, and Hong Kong. The company was formerly known as Medina Coffee, Inc. and changed its name to China BAK Battery, Inc. in February 2005. China BAK Battery, Inc. was founded in 2001 and is based in Shenzhen, the People's Republic of China.
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