Consumer Goods Sector Recap: Eastman Kodak Slashed, 2 Chinese Companies Act
China Automotive Systems Inc. (NASDAQ:CAAS) announced that its Board of Directors has approved the formation of a joint venture with SAIC-IVECO Hongyan Co., or SAIC-IVECO, to create a new manufacturing facility with a capacity to produce 200,000 power steering units for commercial vehicles in China. CAAS shares closed at $4.48, up $1.06, or 30.99%, on the week. Its market capitalization is $125.8 million.
Moody’s (NYSE:MCO) and S&P (NYSE:MHP) cut their ratings on Eastman Kodak Co. (NYSE:EK) to more junk than the previous junk. The two ratings agencies have a worse outlook, gasp, on the extremely likely bankruptcy filing and deteriorating liquidity position for Eastman. EK shares closed at $0.37, down $0.28, or 42.75%, on the week. Its market capitalization is $100.45 million.
China Nutrifruit Group Limited (AMEX:CNGL) announced that the company is conducting independent laboratory tests on its concentrate juice and glazed fruit products in response to a customer’s concern over product quality. In December 2011, the company was informed by its customer that China Nutrifruit’s concentrate juice and glazed fruit products contain higher than specified levels of sodium. The shares closed at $0.55, down $0.11, or 16.67%, on the week. Its market capitalization is $20.31 million.