Fushi Copperweld sinks on lowered fiscal 2008 earnings guidance
Shares of Fushi Copperweld, Inc. (Nasdaq: FSIN) are getting clobbered after the China-based manufacturer of bimetallic wire used in a variety of telecommunication, utility, automotive applications said that it is lowering its fiscal 2008 earnings on account of the anemic housing market in the U.S., which feeds telecom demand, and because of a decline in telecom capital spending in China due to industry restructuring.
Shares flopped lost 21%, or $3.23, to $11.86 at 10:47 a.m. For detailed price information and news stories on Fushi Copperweld, click FSIN.
