UPDATE: Cynk Technology (CYNK) Lunacy Should Be Ended by Regulators
- S&P 500 ends flat; Fed sees risks but unlikely to reverse course
- Twitter (TWTR) Tops Q4 EPS by 4c; MAUs Miss
- Tesla (TSLA) Posts Q4 Loss of 87c/Share; Delivered 17,478 Vehicles, Above Expectations
- Mylan (MYL) Enters Agreement to Acquire Meda in ~$9.9B Deal
- After-Hours Stock Movers 02/10: (HUBS) (EXPE) (TSLA) Higher; (PPC) (MYL) (ZNGA) Lower (more...)
(Updated - July 10, 2014 2:56 PM EDT)
(Updated - July 10, 2014 12:05 PM EDT)
Traders have bubble talk on their mind as they watch the action in Cynk Technology Corp. (OTC: CYNK) - a penny stock with a market cap of nearly $6 billion. Shares are up 34.6% mid-day to $19.80 as traders watch the 'greater fool' game play out.
Unfortunately for traders it is nearly impossible to get a borrow on the stock to short it. Anyone buying the stock for more than a few minutes is a fool as a trading halt could be imminent.
StreetInsider.com has placed a call with FINRA about the stock. FINRA's media relations was unfamiliar with the situation but is now looking into the matter.
UPDATE: The SEC would not confirm or deny to StreetInsider.com that they are looking at CYNK.
UPDATE 2: While the SEC and FINRA would not confirm, sources inform StreetInsider.com that regulators are actively looking at CYNK. A trading halt could be imminent.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- U.S Foods Holdings (USFD) Files $100M IPO
- Notable Mergers and Acquisitions 2/9: (TRU) (ITC) (SLI)/(HNH) (ILMN)
- Conifer Holdings, Inc. (CNFR) Posts Prelim. Q4 Loss of 30c/Share
Create E-mail Alert Related CategoriesInsiders' Blog, Momentum Movers, Short Sales, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!