Volume Spike Investor

China Techfaith Wireless Communication Technology Ltd. (NASDAQ: CNTF) is hitting new 52-week lows this morning.  In fact, this really looks like all-time lows.  Our charting data goes back to only early 2005 on this issue and shares were north of $10.00 back then.

The stock is down 23% at $2.07 on over 65,000 shares as of 9:28 AM EST.  Its prior 52-week trading range was $2.69 to $9.98.

The company did post positive earnings but it warned for the coming quarter and is slashing nearly half of its workforce.  So much for that growth story.

JON OGG
August 19, 2008