CNOOC, my favorite Asian oil and natural gas company, bought a 15% state in China Power New Energy Development today (Aug. 24). I don't know a thing about the latter company, but the deal sent its stock up 8% in Hong Kong.
There's talk that CNOOC and its goliath competitor, PetroChina, will report lower earnings, but that hasn't stopped the stock of CNOOC from soaring in the past two sessions.
Another favored Asian company of mine, Nintendo, traded up 2.2% to 54800¥ in Tokyo. The ADRs in the states tend to mirror the Tokyo shares, so the conversion is $59.13. That would be a gain of $1.33 for Friday's market. Holy Wii, Batman!
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