Penny Stocks on the Move on Aug 30: MJNA
One hour before the opening bell market players were able to digest the freshly issued Personal Income and Spending economic data. While the numbers for the personal income were exactly as the market expected, Personal Spending data was below market expectations, which is the most likely reason why the US stock markets headed down after the start of today’s trading session.
A couple of minutes later, another important series of economic news was released. According to this news, the Chicago Manufacturing Index had climbed to 53.0, versus 51.3 in the previous month. Moreover, it also tuned out that the Michigan Consumer Sentiment Index had also increased in Aug to 82.1, while the market expected a value of 80.0.
The good fundamental news, however, were disregarded by market players, so the sale out on the major US stock exchanges continues. At the moment the OTCM ADR Index is also rolling down the slope, as it has fallen 0.66% since the start of the trading session.
Medical Marijuana, Inc. (MJNA) – Today the OTC Markets have registered significant moves in the medical marijuana sector, with MJNA being the top traded penny stock for today. One hour after the start of the trading session MJNA has already generated a trade value of $7.4 million, while traders have registered more than 3150 transactions with MJNA stock.
However, the volume at the moment is dominated by sellers as MJNA share price is taking a nose dive. Currently, shares of MJNA stock are trading 18% lower at $0.176 per share on a much higher than average volume of 38 million.
The current decline of MJNA stock seems to be produced by profit taking impulses as yesterday the stock registered a significant gain after it closed the trading session 50% higher at $0.195 per share on a volume of 50 million.
The upward move of the stock was a result of a series of fundamental news which MJNA released on the market. First, the company announced it was going to be exhibiting at the New York Wholesale Expo at the Javits Center in New York City at the beginning of Sept.
A second press release also informed that the Southern New Jersey non-profit alternative treatment center was preparing to open state-of-the-science facilities in Bellmar. After penny stock traders digested the news they rushed the stock, so that it broke out of its short-term resistance.
The big jump of MJNA stock value has apparently forced many market players to take back profits from yesterday’s speculative move. So, MJNA is now sharply down the charts, despite the fact that the company delivered another series of press releases to the public.
Thus, today MJNA announced that Endexx Corporation’s M3Hub Platform fully supported all state ballot initiatives that have legalized the production, processing and sale of either medical cannabis, or recreational marijuana for distribution in the framework of their laws.
A more recent post on the Market Wired system also announced that MediSwipe Inc. had entered into an agreement with several Colorado based dispensaries to provide Mello Meal boxes as secure packaging for edibles and patient medicine on behalf of dispensaries and caregivers.