Breaking Finance News

BREAKING- Mecox Lane Limited Up 104 Percent Monday

Shares of Mecox Lane Limited (NASDAQ: MCOX) were up 104 percent Monday marking a 5-day gain of more than 172 percent. The $70.5 million company is an online retailer of apparel, accessories, and home and healthcare products in China. Sources do not reveal a reason for the outsized moved over the past two trading days.

It’s last earnings statement, released in May, was disappointing. The company reported:

  • Net revenues decreased 43.5% year over year to $21.0 million, compared to $37.1 million in the first quarter of 2012
  • Gross profit1 decreased 42.8% year over year to $8.1 million, compared to $14.2 million in the first quarter of 2012
  • Gross margin was 38.6% in the first quarter of 2013, compared to 38.2% in the first quarter of 2012
  • Net loss was $4.2 million, compared to net loss of $4.2 million in the first quarter of 2012; net loss includes a non-recurring gain of $6.0 million in the first quarter of 2013

This sent the stock plunging more than 43 percent. It’s 52 week high sits at $6.85. Today’s move has the stock at $6.24 and traders believe that it has room to move higher. Among the many bullish views on StockTwits, this was posted on Twitter:

 

[stock-tools exchange="NASDAQ" symbol="MCOX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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