Penny Stocks on the Move on Oct 17: GSAT, WTER, BZNE, NTEK
Today, investors are witnessing a very controversial trading session on the US stock markets. Initially the benchmark indexes declined sharply after the opening bell but a couple of hours ago the S&P 500 and Nasdaq surged above the previous close.However, the Dow Jones index still remains negative.
It looks like investors cannot find a clear trading path on the US stock markets given the current situation in the country. The fiscal problem was not solved but only postponed for two months. The furlough of the government services has also affected the unemployment rate in a negative way, which may force the Fed to continue its monetary easing policy.
Apparently, these factors are causing investors to be more cautious in today’s trading session. Yet, unlike the benchmark indexes, the OTC Markets continue their rally. At the moment the OTCM ADR Index is 0.71% higher at 1,539.42 points, so market players will be able to find enough opportunities to speculate with penny stocks:
Globalstar, Inc. (GSAT) – GSAT continues to be one of the most heavily traded stocks on the OTCQB Market. However, penny stock speculators have not seen any sharp movements in the stock for the last couple of days.
It looks like GSAT is inclined to consolidate near the all-time highs for now. In addition, there haven’t been any important press releases or market awareness campaigns lately. Thus, the stock has been free floating in the last couple days.
However, GSAT obviously faces a strong resistance at the $1.50 mark, which was tested two times this month. This week there is a notable outflow of trading volume from the stock as well, which may signal a change in GSAT stock value in the short term.
At the moment shares of GSAT stock are trading 1% lower at $1.39 per share on a lower than average volume of 1.4 million. So far more than $1.9 million have been exchanged in more than 250 transactions with GSAT stock, which makes it the top penny stock market mover today.
Alkaline Water Company Inc. (WTER) – WTER is going through another day of its consolidation phase. The stock keeps being heavily traded on the OTCQB market. WTER has been hugging its 50-MA in the last couple of days and today the stock did not deviate from this rule.
WTER has not demonstrated any sharp moves lately which is not surprising given the fact that the stock has not been stimulated by any press releases or market awareness campaigns. At the moment shares of WTER stock are trading 8% higher at $0.618 per share on a higher than average volume of 3 million. WTER has also achieved a trade value of $1.8 million today which is one of the highest among the penny stocks traded on the OTC markets.
Biozone Pharmaceuticals, Inc. (BZNE) – Today BZNE has attracted the attention of penny stock speculators with its sharp up move. The stock jumped higher, although there hasn’t been any specific reason for that.
Two days ago BZNE published an 8-K form to announce that the company had filed a certificate of amendment to its Articles of Incorporation to increase its authorized shares of common stock from 100 million to 200 million and authorize 5 million shares of preferred stocks.
Despite the fact that the increase of the number of authorized shares may signal a potential future dilution, investors were excited by this announcement and started pressing the buy button on their penny stock trading platforms.
Thus, on Tuesday BZNE rose 36% to $0.75 per share on a higher than average volume of 4 million. Today, the stock continues the up move and is once again under heavy buying pressure. At the moment shares of BZNE stock are trading 28% higher at $0.897 per share on a higher than average volume of 2 million.
NanoTech Entertainment, Inc. (NTEK) – NTEK is one of the most heavily traded penny stocks on the Pink Sheets market today. Yesterday the stock hit a new 52-week high during the intraday session at $0.1485. In addition more than 18 million shares of the company’s common stock changed hands which is three times higher than the monthly average.
The interest toward NTEK stock has not waned today, especially after the company issued a new press release in which it announced the retention of DME Law LLP to advise NTEK in connection with its 4K UHD content licensing efforts.
Thus, NTEK has generated a higher than average volume for a second day in row, although it appears that sellers are slightly dominating the trade today. At the moment shares of NTEK stock are trading 3% lower at $0.1217 per share on a higher than average volume of 8.7 million.