At year's beginning, when everyone in the world was all hot and bothered about the "sure thing" of China's economic ascendancy, we had a simple warning, borne of years of watching such sure things: "Watch out."
One particularly incoherent Ivanhoe Energy
That the speculative excess is being purged is a good thing. It must be remembered, though, that just because China's growth to the sky story has been discredited doesn't mean that the overall trend isn't true. And some of the companies that are making money in China have been savaged in the market along with the ones losing money to China. I try to track both kinds of companies. One of the former, UTStarcom
UTStarcom's business is one that has specific application to low-income regions. Its core product is discount wireless phone equipment and handsets. Yes, mobile phones, the same business where Nokia
At the moment, UTStarcom equipment services some 32 million such customers in China alone, mainly through China Telecom
Where else is the company operating? It signed a deal in May with Chunghwa Telecom
But it seems that UTStarcom is painted with three brushes: telecom, which is bad; China, which for the time being is bad; and wireless, which is also bad. That's fine. UTStarcom has used the negative sentiment to launch a 5 million share buyback campaign, as well as an acquisition of Audiovox's
Sometimes the stock market simply makes no sense at all.