Market Overview

Benzinga's Small Cap Movers for Thursday November 15, 2012

Below are highlights from Benzinga's daily coverage of small cap securities making big moves:

Recon Technology

Shares of Recon Technology (NASDAQ: RCON), the China-based non-state-owned oil field service company in China, rose 137% Thursday on 300 times average volume.

Recon Technology announced Thursday its financial results for first quarter fiscal year 2013 ended September 30, 2012. Total revenues for Q1 FY '13 increased by 83.19% to RMB 9.05 million ($1.49 million), due mainly to increased demands of furnaces. Gross profits for Q1 FY '13 were RMB2.45 million ($386 thousand), compared to RMB 2.48 million of Q1 FY '12.

"Our first quarter is usually a slow quarter for our business, but this year revenues have grown early," said Mr. Yin. Shenping, Recon's Chief Executive Officer, "Benefited from our good reputation and long-term cooperation with our clients, we achieved more orders from our clients when they launched a new round replacement of furnaces and related accessories. We will continue our R&D activities to maintain stronger competitiveness and higher margin to secure our business. Besides, our other businesses like automation business and fracturing services, are all progressing smoothly. We will continue to make full use of our advantages and professional experience on oilfield automation and production stimulation-related services to achieve better and faster development".

Recon Technology closed at $2.76 on Thursday.

China Armco Metals

Shares of China Armco Metals (NYSE: CNAM), the San Mateo, CA trader of metal ore and recycler of scrap metal within China, rose 26% Thursday on 4 times average volume.

China Armco Metals announced Wednesday its financial results for the third quarter and the first nine months of 2012. For the quarter ended September 30, 2012, net revenue decreased by 5% to $15.4 million, of which the metal recycling sales increased by 60% to $13.4 million from $8.3 million and the metal ores trading sales decreased by 74% to $2.0 million from $7.7 million, respectively, compared to the same period of 2011. The Company sold 38,752 metric tons ("MT") of recycled scrap metal compared to 16,592MT sold in the third quarter of 2011, and the production of recycled scrap metal increased by 232% to 44,793 MT from 13,500 MT in the third quarter of 2011. The decrease in the trading business sales was caused by a $3.9 million decrease in sales of iron ore and a $4.1 million decrease in sales of chromium ore, and the decrease was partially offset by a $0.37 million increase in sales of manages ore.

China Armco Metals closed at $0.42 on Thursday.

SGOCO Group

Shares of SGOCO Group (NASDAQ: SGOC), the China-based designer and developer of LCD/LED monitors, TVs, and application specific products for sale primarily to the flat panel display market in China, rose 79% Thursday on 45 times average volume.

SGOCO Group was the subject of much chat room and message board speculation on Thursday.

SGOCO Group closed at $1.85 on Thursday.

The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

Posted-In: Long Ideas News Short Ideas Small Cap Global Movers Trading Ideas

 

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