Meet Acorn International - an integrated multi-platform marketing company - which closed down 23% yesterday (after falliong 45% intraday) on 23x the average volume. Following a conference call this morning, in which the CEO cited some 'volatility' in the ADSs and discussed strong Singles Day sales, the stock is now up over 700%.
As Bloomberg notes, the earlier conference call stated the following...
- Vol. more than 100x 3-month daily avg.
- Says ADS ratio changed as of yday, was equivalent to 3-for-20 reverse split
- Saw Singles Day sales RMB3.19m, vs RMB510,000 last yr; cites partnership with Alibaba
- Says restructuring efforts have brought down operating costs, slowed cash burn
- Plans to reinstitute quarterly earnings reports, calls starting next yr
And that caused this...
[2]
Log-scaled...
[3]
Which in context...
[4]
Acording to Bloomberg data, a mere 1,500 shares are short (of the 4.2 million float), so we have nothing to add but - WTF!
