China BAK Giving Back (CBAK)

Posted in pre-market 
December 30th, 2009

China BAK Battery, Inc. (NASDAQ: CBAK) is getting spanked and spanked hard.  Shares are down 25% at $2.72 this morning after the stock ran up from $2.00 to $3.64 yesterday on rumors that it would be making the battery for the next Google phone.  If you ever tried using that Google Android phone you might not think this is such a big deal.  It seems that traders do not believe the rumors are true now.  At 8:22 AM EST CBAK shares are down 25% at $2.72 on 900,000 shares already with over an hour to the market open.  Average volume is almost 1.3 million shares and the 52-week trading range is $0.86 to $5.22.


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