Posted: 8 month(s) and 24 days(s) ago   |   1 Comment(s)   |   Rating: 1 0
Posted by: ToddShriber

New Oriental Energy & Chemical (NOEC.NSDQ), a Chinese specialty chemicals firm, plunged 28 cents, or 20%, to $1.12 today, making the stock the biggest loser on the Nasdaq. Volume was more than five times the daily average.

New Oriental said it lost $3.7 million, or 30 cents a share in fiscal 2009, compared with a profit of $4 million, or 32 cents a share in fiscal 2008 as sales slumped 48%. The company's account deficit soared to almost $32 million as it worked to self-fund expansion and reduce debt.

Due to what New Oriental call an "extraordinarily bad year," the company has pushed back the opening of four methanol plants until 2010. On the bright side, the company said some of "the fog is beginning to lift" and that demand from China could pick up in the coming months.

Obviously New Oriental is a commodities play as a well as a play on China, making the stock that much more alluring than your average stock. New Oriental also makes fertilizer, a formerly beloved market sector, so this could be a great name to pick-up on the cheap before the commodities arena rips higher.

For more on New Oriental, go here: www.neworientalenergy.com.

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