Thursday, September 17, 2009

SPNG SpongeTech Declines

I think we all knew SPNG was going to fall apart. It was only a question of how soon? The company did a great job of informing investors about the stock and the share price increased. However, the underlying problem still exists, there's way to much stock available! Unfortunately we expect SPNG to continue to deteriorate.

Consult an registered investment adviser before purchasing securities!

I once had a friend in the industry who had for the most part figured out penny stock investors. He claimed that announcing a forward split with news would generate increased interest in a penny stock, even if the news did not mean anything. Additionally, he said that releasing news on a regular basis and including industry statistics, even though unrelated to the company, would generate even more interest. I think he was correct in his assumptions.
Penny stock traders want to hear from their companies, and the more they hear from them the better! Just remember that news of a reverse split or the promise of a percentage of a giant market does not mean the company is equipped to or even intends to bring those predictions to fruition.

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