Mechel OAO(MTL), iDreamSky Technology Ltd(DSKY) and Enzo Biochem Inc(ENZ) Have Dramatic Falls, But Which Will Recover Fastest?
New York, NY – GDP INSIDER – 03/17/2015.
This article discusses three companies: Mechel OAO(ADR)(NYSE:MTL), iDreamSky Technology Ltd(ADR)(NASDAQ:DSKY) and Enzo Biochem Inc(NYSE:ENZ)
Mechel OAO(ADR)(NYSE:MTL) plummeted yesterday closing down 31.82% or $0.49 at $1.05 on heavy trading of 3.744 million shares, compared to its three month average trading volume of 0.865 million shares. The dramatic fall came following the rumors that the Russian coal and steel producer may be going bankrupt after recent debt restructuring talks over its $6 billion outstanding debt fell through. The Russian Economic Minister Alexei Ulyukayev was quoted as saying that bankruptcy is inevitable at this stage, but as with many things in Russia things can change very rapidly, but still best to sell.
iDreamSky Technology Ltd(ADR)(NASDAQ:DSKY) fell sharply yesterday with the stock falling 33.27% or $3.60 to close at $7.22 on very active trading of 2.505 million shares, compared to its three month average trading volume of 0.270 million. The rout began after several law firms announced investigations into whether the independent mobile game publishing platform issued materially false and misleading statements during its IPO in August last year. This came after iDreamSky Technology Ltd cut its fourth quarter revenue forecast by 20% last week. Until this cloud lifts it is better to sell than hold for now.
Enzo Biochem Inc(NYSE:ENZ) dropped 7.55% or $0.25 to close at $3.06 with more than 1.822 million shares changing hands, compared to its three month average trading volume of 0.230 million. The drop was caused by the appeals court overturning a $61 million award that the biological process development company had won against Thermo Fisher Scientific Inc, in a battle that has been ongoing since 2004. The stock overall, has not been performing well so far this year down 31.19% YTD and with further legal wrangling ahead, it is better to steer clear at this time.
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