SinoCoking Coal and Coke Chemical Industries (SCOK) announced that on August 10, 2010, its wholly controlled affiliate Pingdingshan Hongli Coal & Coke Co. has entered material definitive agreements to acquire 60% of equity interests of Baofeng Shuangrui Coal Co. which operates Shuangrui Coal Mine, and Baofeng Xingsheng Coal Co., which operates Xingsheng Coal Mine, for total consideration of approximately $12.4 million. The coalmines, located in Baofeng County, Henan Province, are similar in size, each with 2 million metric tons of estimated coal reserves. Each mining company's annual coal production is currently 150,000 metric tons.
On the news, shares of SinoCoking are down 13.2%.
Citi Trends (NASDAQ:CTRN) posted a loss per diluted share of $0.04 in the second quarter of 2010 compared with loss per diluted share of $0.00 in the second quarter of 2009, missing analyst expectations.
The Company estimates that 2010 earnings will be in a range of $1.60 to $1.70 per diluted share.
Shares of Citi Trends are down 11.5%.
On higher than average volume, shares of Banro (AMEX:BAA) are trading lower by 6.9%.
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