New York (December 20th, 2012) - LDK Solar Co. Ltd. (ADR) (NYSE: LDK), a China-based company engaged in the manufacturing of Photovoltaic (PV) products, is down sharply in mid-day trading today, reversing some of the gains from the previous trading session.
LDK had finished nearly 13.5% higher on Wednesday amid reports that the Chinese government said that it supports consolidation in the Chinese solar power industry. LDK and other Chinese solar firms have struggled in the last year or so amid pricing pressure. However, Chinese solar companies have received extensive support from the Chinese government.
After Wednesday’s rally, LDK is down nearly 7% to $1.33 in mid-day trading today on above average volume of 1.86 million. The stock broke through $1.3 resistance level on Wednesday, which is a bullish signal. However, it has failed to break through $1.40 resistance level.
Metalico Inc. (AMEX: MEA), a company engaged in ferrous and non-ferrous scrap metal recycling, platinum group and minor metals recycling and lead metal product fabricating, is up sharply in mid-day trading today, extending its gains from the previous trading sessions.
MEA has been gaining momentum after the company this week announced that it is enhancing its presence in Cleveland, Rochester. Earlier today, the company announced the appointment of Michael J. Drury as its COO for all operations and named Jeff Bauer as its Ohio Valley Regional Vice President of Operations, effective January 1, 2013.
MEA is currently trading 1.04% higher at $1.94 on volume of 88,038. The stock has gained more than 27% this week. MEA could continue to rise before facing resistance at around $2.30.
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