Recent Hot IPO Sino-Global (SINO) Tries To Recover After Back-Breaking Sell-Off
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Recent hot IPO Sino-Global Shipping America, Ltd. (Nasdaq: SINO) is finally seeing an up day today after four straight days of selling pressure.
After pricing its 1,229,032 share IPO at $7.75 per share on 5/21, Sino-Global finished at $13.98 on its debut. The second day was just as impressive, as the stock closed at $21.45. The third day started out strong, with the stock trading as high as $27.49, but ended painfully as the stock saw a more than $9 swing and closed near the day's lows at $18.26.
That $9 swing seemed to have broken the back of the momentum's players and they haven't returned since. The stock has been on a downward spiral since that third day, closing at $15.27 yesterday with volume drying up.
Longs that stuck around in the stock hope today's uptick can hold and that new investors will start focusing on the prospects of the company, which includes the growth business it deals in - shipping services in China.
After pricing its 1,229,032 share IPO at $7.75 per share on 5/21, Sino-Global finished at $13.98 on its debut. The second day was just as impressive, as the stock closed at $21.45. The third day started out strong, with the stock trading as high as $27.49, but ended painfully as the stock saw a more than $9 swing and closed near the day's lows at $18.26.
That $9 swing seemed to have broken the back of the momentum's players and they haven't returned since. The stock has been on a downward spiral since that third day, closing at $15.27 yesterday with volume drying up.
Longs that stuck around in the stock hope today's uptick can hold and that new investors will start focusing on the prospects of the company, which includes the growth business it deals in - shipping services in China.
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