I received a paid propaganda material for China Armco..
Longs Is this a real investment grade co? or you guys just flip it?
tia
Armco Metals, Inc. (OTCBB: CNAM)
issues news this morning
Breaking News: Toro Research is initiating coverage of China Armco Metals, Inc. with a speculative "BUY" recommendation
Read the Full Research Report Here
SAN MATEO, CA -- September 29, 2009 -- Having announced that it has completed delivery of iron ore pursuant to a contract that will generate sales of approximately $15.98 million in the third quarter of 2009, China Armco Metals, Inc. (OTCBB:CNAM ), issued a press release announcing that Toro Research is initiating coverage of China Armco Metals, Inc. (OTC.BB:CNAM) with a speculative "Buy" recommendation and a performance rating of 8.5, on a scale of 10.
According to the report, this recommendation is based primarily on the company's revenue performance for the first half of 2009 as it relates to current market trends in the commodity industry, expanding growth in the company's metal recycling division, as well as the company's historical performance and additional outside factors such as recovering Chinese economy, and Chinese government's initiative to increase utilization of scrap metals usage.
This month the company also reported that Armco Metawise, Ltd. the Company's wholly owned subsidiary, has completed delivery of iron ore to a China based steel company pursuant to a contract that will generate sales of approximately $15.98 million in the third quarter of 2009.
Commenting on the contract, Mr. Kexuan Yao, CEO and Chairman of China Armco Metals, Inc., stated, "We are pleased to deliver larger sized orders to the steel industry as we look to build on the strong sales efforts we are making in the third quarter. We are carrying strong momentum into the busiest sales period of the year for our industry and remain very optimistic about our prospects for the remainder of this year and into 2010. We believe the environment for our customers remains strong and our anticipated metals recycling business launch places the company in a position to experience record performance in the coming years."
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AI
