After Noon Movers - SUTR - Durable Goods Data Strengthens Metals - Sourced WhisperFromWallStreet.com
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Sutor Technology Group,Ltd.SUTR
After Noon Movers: 3.46 Up 0.38 (12.34%) 3:45pm ET
Demand was up by 1.8%, well above the expected -0.6% decline. Steel and Iron stocks are up big in response to the news, shrugging off new data released today showing an unexpected drop in new home sales in May. The market is also ignoring a potential shift in demand activity in China. Francisco Blanch at Merrill Lynch told Bloomberg that China might dig into its existing stockpiles rather than continue to buy up metals on the open market. The reduced demand could weigh on metal prices, which have advanced by as much as 48% this year.
Sutor Technology Group (NASDAQ: SUTR - News) and Metalico (AMEX: MEA - News) are leading the Index with respective gains of 22% and 10%. Metalico has now more than doubled over the last month.
About
Sutor Technology Group Limited, through its subsidiaries, engages in the manufacture and sale of steel finishing fabrication products in the People?s Republic of China. Its products include high-end hot-dip galvanized steel (HDG Steel) for use in electrical household appliance and construction materials; prepainted galvanized steel for use in construction materials, and parts and casings of electronic household appliances; acid pickled steel, which is used as a raw material for cold-rolled steel strip and HDG Steel, as well as components of automobile and manufacturing equipment; and hard cold-rolled steel strips used to produce HDG of cold-rolled steel. In addition, the company provides sewage treatment services to the other manufacturing plants and households in Dong Bang. Its customers include manufacturers of electrical household appliances construction steel suppliers; and manufacturers of automobiles, ships, and other large equipments. Sutor Technology Group also exports its products to Europe, the United States, South Africa, south Asia, and southeastern Asia. The company is based in Changshu, the People?s Republic of China.
Last Trade: 3.48
Day's Range: 3.11 - 3.86
52wk Range: 0.89 - 7.75
Volume: 231,662
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