UPDATE: Cynk Technology (CYNK) Lunacy Should Be Ended by Regulators
- Time Warner Cable (TWC) Misses Q3 EPS by 5c
- Apple (AAPL) CEO Cook: 'I'm Proud to Be Gay'
- After-Hours Stock Movers 10/29: (PDII) (LAKE) (TTWO) (V) Higher; (GLUU) (AFOP) (WTW) (TRLA) Lower (more...)
- MasterCard (MA) Tops Q3 EPS Views
- Apple (AAPL) Smartphone Shipments Rose 16.1% in Q3; Xiaomi Breaks into Top Five - IDC (GOOG) (MSFT)
(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
- Level 3 Communications (LVLT) to Replace Jabil Circuit (JBL) in S&P 500
- Twitter (TWTR), IBM (IBM) Enter Agreement on Data
- Jim Chanos Says China Capital Flight 'Accelerating', Sees Macau Casino Revs Est. 'Going Down Huge' - Reuters
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!