Market Update
Shares of Caterpillar Inc (NYSE: CAT) surged about 3.3% after the company expected China's construction equipment market to surge 10% in 2012. Industry growth for construction equipment is likely to climb by around 10% in 2012 from 2011.
Shares of Noah Education Holdings Ltd (NYSE: NED) gained about 1.8% after the company announced the resignation of its Chief Executive Jerry He for personal reasons effective Sunday.
Shares of Telestone Technologies Corp (NASDAQ: TSTC) dipped about 14% after the company lowered its revenue forecast for the full-year 2011. Telestone now projecs revenue for the year ended December 31 to drop 15% to 20% from the previous year to around $105.3 million to $111.9 million, versus its prior forecast for a 30% rise. Telestone now projects profit for the year of $16.8 million to $22.4 million, versus its earlier forecast of around $27.5 million.
Shares of Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) gained about 2.3% after the bank cut about a third of its global-markets staff in Asia bank. The bank has lowered wholesale banking staff by 150. The bank laid off about 29 employees at its Singapore, Hong Kong and Japan offices in December, according to a person familiar with the situation.
