Ambow Education Slumps 23% (GPRC, AMBO, VELT, JCP, SGOC)
Guanwei Recycling Corp (NASDAQ:GPRC) is one of the top losers. The stock slipped to 17.69% to $1.07 on a traded volume of 382k shares after the Company reported first quarter results. Revenues increased 14.35% to $16,171,490. Tonnage sales declined 5.17% to 11,600 tons. Net income was $2,065,256 or $0.10 per share compared to $2,715,282 or $0.14 per share in the prior year period. The Company entered 2012 with a production capacity of 80,000 tons.
Ambow Education Holding Ltd (ADR) (NYSE:AMBO) plunged 23.05% to $4.34.The stock opened at $5.39. The Company announced that the filing of its 2011 annual report is delayed beyond the end of the 15-day extension period provided by the rules of the U.S. Securities and Exchange Commission. The delay is due to the Company requires additional time to complete the audit of its 2011 financial statements.
Velti Plc (NASDAQ:VELT) among the losers and the stock went down 19.53% to $6.92 after the Company announced first quarter results. Net loss was $8.82 million or $0.14 per share compared to $15.87 million or $0.34 per share in the prior year period. Total revenues increased 75% to $51.79 million. However, analysts estimated revenue of $46.37 million for the quarter. The Company expects second quarter revenues to be in the range of $55 million to $59 million.
J.C. Penney Company Inc (NYSE:JCP) decreased 15.58% to $28.12.The stock opened at $28.25 after the Company announced first quarter results. Comparable store sales declined 18.9%. Total sales decreased 20.1%. Gross margin was 37.6% compared to 40.5% in the same period last year. Net loss was $163 million or $0.75 per share in the first quarter.
SGOCO Group Ltd (NASDAQ:SGOC) went down 18.67% to $1.52 on a traded volume of 112k shares. The 52-week range for the stock is $0.61 and $6.88. The Company has Price/Sales ratio of 0.09 and Price/Book ratio of 0.37. The 50-Day Moving Average and 200-Day Moving Average prices is $1.78 and $1.48 respectively.