Gulf Resources Soaring, Up 37% Following Earnings (GFRE)

Gulf Resources, Inc. GFRE shares are soaring today, gaining nearly 37% on more than seven times its average daily volume. At last check, Gulf Resources were up $1.12 to $4.15, a gain of 36.96%‎ on 6.5 million shares. The company reported earnings of 40 cents per share on revenues of $45.4 million, which is a 53% increase from last year. The company also maintained its earnings and revenue predictions for the year. It said it expects net income to be between $64-$66 million, and revenues to be between $195 million-$198 million. Gulf Resources, Inc. and its subsidiaries manufacture and trade in bromine and crude salt, as well as manufacture chemical products for use in the oil industry and paper manufacturing industry in the People's Republic of China.