Suntech soars on Buffett rumour

Suntech shares erased much of their losses since the company was last month pushed into bankruptcy after a rumour emerged that US mega-investor Warren Buffett is contemplating an acquisition.

Some analysts were quick to point out the apparent illogic of such a takeover – but that did not stop shares of New York-listed Suntech from soaring as much as 28% on 8 April, before closing up nearly 16% to $0.48.

That is the highest share price for Suntech since it announced it was forced into insolvency on 19 March – and represents its biggest one-day increase since December.

Ironically, the ramp-up came as the New York Stock Exchange hit Suntech with a formal warning based on its minimum share price criteria – Log in to read complete article.

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