This page has been archived and commenting is disabled.
CYNK Shares Reopen For Trading, Plummet 86% To $2.01 Then Rise 150% Off The Lows As BTFDers Arrive
If you shorted CYNK at the all time highs well over $20 several weeks ago, just before the stock was halted after the SEC finally woke up to its duty of protecting investors from pump and dump ponzi schemes (such as the broader market for example) congratulations: you are now up a lot to quite a lot, as the stock has just reopened for trading some 86% lower (on the usual volume of virtually no shares, even though the FT just told us that illiquidity is bullish), a price at which it still has a market cap of over $500 million!
The only question: how does this company, which technically doesn't exist, still have any equity value left?
And yes, it would truly be a testament to just how broken the "market" is, if following today's crash, the BTFD dip crew and algos sniffed it out and pumped it right back to its idiotic market cap of over $5 billion hit in the first week of July. Because after tumbling to $2.01, someone already managed to make a double on it as it was trading at over $5.00 at last check, or 150% off the lows.
»
- 9898 reads
- Printer-friendly version
- Send to friend
- advertisements -
Gotta love that New Normal. Remember, traders:
The New Normal Way to Value Stocks:
1. Most Valuable - Companies that produce "Entertainment" (Social Media, or fancy toys...think iCrap)
2. 2nd Most Valuable - Companies that produce nothing, and have nothing. No revenue, no assets, no valuable IP.
3. Not-So-Valuable - Barbaric relics, and the companies that mine them.
Remember your Seinfeld quotes in this 'market', guys:
"It's not a lie if YOU believe it!" - George Costanza
CYNK - "It's got social media in it"
Trading on the grey market...good luck executing any trades
Yeah, I'm wondering what's happing with the short position of the trader who got canned by his firm for opening it.
What happens in this situation?
he covered his shares and had to pay up 150% to get out.
what has changed that the SEC now feels they should allow this "company" to be "legally" traded again???? Did this "company" somehow create a product, build a factory, hire employees, and make any "real" money from selling a product in the last 10 days???????????
What the fuck???
you're describing about 99% of the OTC and it never mattered, never will
100% of the stocks traded on all exchanges are manipulated 100% of the time
They added a social media site for midget porn. #fucktheSEC
WTF indeed.
Where do these guys get the cash to do that? How can they keep the cash doing this?
Long INSANE.
Maybe that is what ZHers need to do. Create a company called INSANE..ticker ZHI$N..and sell it. We can say that we produce Imaginarium and unobtanium.
That will fly as there is a demand for that stuff.
I am all in for INSANE, but only if it has a social media platform to trade the imaginarium and unobtanium.
Ahhh... finally I can cover ... maybe.
I have a sweet MTM on mine. The greatest trade is the short sitting at .01c that you never need cover and thus skip the tax.
so what happened to our friend who shorted and got fired ?
he's now programming algos at GS
I heard he applied for a position over at the SEC, just a rumor though.
"I heard he applied for a position over at the SEC, just a rumor though. "
The way I understand it is that he saw through the BS and shorted the stock. I doubt the SEC wants him.
He was last seen in Home Depot buying a nail gun.
So did that Yahoo message board guy (the one who was worried about carrying the short) get a big pay day after all?
in other news, I see that the dip is finally being furiously bought. The market could only last 20 mins before it finall saw a market .40 percent down as a massive dip to be bought.
Can't pull the stock up in IB. Guess it's been pulled?
this shit is worthless - it's a shell
http://www.nytimes.com/2014/07/25/opinion/a-chinese-gold-standard-renmin...
BTFSCD. Buy the fucking short covering dip.
I could kick myself for sleeping late again. I missed the fucking dip.
How do insolvent banks still exist? How do criminal ratings agencies still exist? It is the miracle of capitalism.
its just like trading bitcoin.. zero value (but it moves)
you got it. btc is an index of anii
maybe....if romney had something to do with it, then to hangman
This is a perfect example of what a corrupt shitshow the regulators have allowed the markets to become.
The only question: how does this company, which technically doesn't exist, still have any equity value left?
The impossible is possible in the 'new normal'.
Remember, valuation is subjective.
Why do you say the company "technically does not exist"? The company only exists in a technical or theoretical sense. It practically or actually does not exist.
It has no operations, produces no products, has no employees. It's one of those "depends on what your definition of is is" kind of situations.
How estute. However, in the new normal: up = down.
Spike is merely short covering. This will be trading down for the rest of the day is my prediction. Under a $ within 24 hours unless they buy up the entire float and pump it again. Problem is, these promo guys didn't clear any stock. Bummer.
I bought around $20. Should I average down? I mean, if I liked it at $20, I should LOVE it at...shit what is it now?... $5? Buy more, yes?
It's no Farrow Tech, but I can make some quick cash I think...
UPDATE: No no no NO FUCK!!! After taking the plunge at $5, now down to $2.50. Now I am wiped out. Goodbye cruel world. Say goodbye to my wife for me.
For some reason, this had me laughing uncontrollably in my cube.
Interesting. So a company with no assets and does not produce (or has yet to produce) products or services of benefit to society has a market cap of... how much?
I think I just found an idea for funding my lez-porn studio...
A similar idea was tried in a Seinfeld episode where Jerry & George pitched a show about nothing. Maybe you can name your company CYNKed.
but but but but markets are efficient!!!!
CYNK
AMZN
I want to take something public that doesn't exist.
Make sure it's a social Media company. You'll be a billionaire overnight if Wall Street likes you.
SEC?
SOUTHEASTERN Conference (SEC) should change their name to avoid guilt by ASSociation.
Being an avid SouthEastern Conference fan, (and also an avid ZH reader), my mind immediately goes to the football meaning, first.
SEC! SEC! SEC!
in 5 years CYNK will be bigger than AMZN,
mark my woids.
cnbc Shaheed Khan? Looks like a poster boy for a bad comedy.
Actor Charlie Sheen once bought 2,600 seats at an Angels baseball game in hopes of catching a home run ball.
Smells like a Barnes & Noble corporate model defensive move. Desperation of Bells that Toll.
The bigger fool theory has been proven, now we're testing just how big the fools are.
You are speaking in a world where people allowed a tiny collection of bankers the unreserved and unlimited right to print the world reserve currency...and you think CYNK IS A TEST?
WHO WANTS TO BE A BILLIONAIRE?
I would like to get my own stock symbol registered.
IDNT - "I Do NoThing"
I will have a website up within a few months of the IPO.
But my market research department (by which I mean me), indicates that this will be the most popular destination for the majority of Liberal and Socialist supporters world wide. That's a GIGANTIC MARKET!!!!
My stock can only go up.
PROSPERITY, HERE I COME!!!
Great headline.. chuckle >