Stock to Watch: China Armco Metals -- August 16, 2010
August 16 2010 - 8:35AM
Marketwired
Stock Market Alerts' performance stock list includes: China Armco
Metals, Inc. (NYSE Amex: CNAM), Dynegy Inc. (NYSE: DYN), Cameron
(NYSE: CAM) and Transocean Ltd. (NYSE: RIG).
This morning, China Armco Metals, Inc. (NYSE Amex: CNAM) issued
a press release announcing that Armet Renewable Resourced Co.,
Ltd., the Company's wholly owned subsidiary, has added nine
additional cutting machines in an effort to accelerate the ramp up
in production at its scrap metal recycling facility in Lianyungang,
China. The use of the new machines is part of management's plan to
increase overall throughput in the second half of 2010 as the
company seeks to fulfill existing and anticipated demand. The
facility generated its first production revenue in the second
quarter of 2010 after an initial testing phase and management
anticipates a rapid expansion in production and delivery in the
coming quarters.
Commenting on the announcement, Mr. Kexuan Yao, CEO and Chairman
of China Armco Metals, Inc., stated, "We have invested substantial
resources in the launch of our scrap metal operations and have
spent several months completing testing, securing necessary
government approvals, and procuring raw materials. In an effort to
meet current and anticipated demand levels for the remainder of
2010 and beyond, we have added this equipment and intend to use
every resource at our disposal to expeditiously grow this business.
We are confident in our ability to reach our goals and remain
steadfast in our belief that this business will be the largest
driver of our growth for the foreseeable future."
The stock closed Friday at $4.02 cents a share.
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Dynegy Inc. (NYSE: DYN) up 62.9% on 236.5 million shares
traded.
Dynegy Inc. produces and sells electric energy, capacity and
ancillary services in key U.S. markets.
Cameron (NYSE: CAM) up 2.8% on 4.9 million shares traded.
Cameron is a leading provider of flow equipment products,
systems and services to worldwide oil, gas and process
industries.
Transocean Ltd. (NYSE: RIG) up 0.4% on 4 million shares
traded.
Transocean Ltd. is the world's largest offshore drilling
contractor and the leading provider of drilling management services
worldwide.
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