Penny Stocks on the Move on Aug 15: IWSY, WMIH, SNET
US stock markets have crashed down today following a series of disquieting economic news. On the whole the only positive change in the economic events which were pending today was the decrease of Initial Jobless Claims, which fell to 320 thousand – their lowest level since 2007.
Yet, this news can also be disturbing for stock market investors as this means that the Fed may consider an earlier exit from the quantitative easing policy. This is why it is not surprising that the US benchmark indexes have plunged down today, but this is much more due to the thin summer trading and the initiated technical correction.
The OTC Markets are also trapped in a correction phase as today the OTCM ADR Index has dropped 1.28% to 1,444.49. Therefore, it is not surprising that most of the penny stock market movers are colored in red today.
ImageWare Systems, Inc. (IWSY) – IWSY is currently troubled by a heavy selling pressure after yesterday’s up-move. In fact, today the stock has wiped out all the gains which it achieved in the last three trading sessions, in which IWSY jumped from $2.22 to $2.60 per share.
However, today IWSY stock fell down to its support and for a short while it even breached this technical level, falling down to an intraday low at $2.15 per share.
Currently shares of IWSY stock are trading 8% lower at $2.29 per share on a higher than average volume of 1.3 million. The trade value generated by IWSY has reached $3.18 million which has rendered the stock the top penny stock market mover on the OTCQB Market today.
Unfortunately, the huge trading activity generated by IWSY stock today is dominated by sale orders. The general bearish mood on the US stock markets today is one of the reasons for IWSY to be losing ground.
However, investors have one more reason to be closing their long positions in the company. For, yesterday IWSY filed its financial report for the second quarter 2013. The report showed a slight increase in the company’s revenue on a year over year basis. Yet, the company has posted an operating net loss of $1.6 million as compared with a net operating loss of $1.5 million for the same quarter a year ago.
WMI Holdings Corp (WMIH) – WMIH is one of the few companies colored in green today, yet the increase of the company’s share value is small enough to leave shareholders worried whether WMIH may change course in the second half of the trading session due to the strong bearish mood on the US markets.
At the moment shares of WMIH stock are trading 1% higher at $1.02 per share on a higher than average volume of 1.4 million. WMIH has also generated a trade value of $1.37 million which is one of the highest registered by the penny stocks traded on the OTCQB Markets today.
There is no specific reason for the increased trading interest towards WMIH stock today so the most probable catalyst for the rise of WMIH to the OTC Markets top lists today is the market awareness coverage which the stock received last week from a promoting website called OTC Daily Alert.
SourcingLink.net, Inc. (SNET) – SNET has exploded on the Pink Sheets Markets today following the publications of two press releases and a serious promotional attack that happened at the opening bell today.
The market awareness campaign on SNET is backed up by M and M Asset Management Group, which has engaged six promoting websites to channel the promotion. The “front man” of the stock promoters touting SNET is Stock Mister who had disclosed a compensation of $100,000.
The hype around SNET has also been supported by two press releases which came out a couple of hours ago. The first press release announced that SNET had agreed to a purchase agreement, subject to delivery of payments to acquire the Eldor Rare Earth Property Claims located in Quebec, Canada.
The second press release added that SNET expected to execute on this agreement with an initial payment prior to August 20, 2013. Thanks to these catalysts SNET stock skyrocketed today
Currently shares of SNET stock are trading 360% higher at $0.16 per share on a higher than average volume of 4 million. The trade value generated by SNET so far has reached nearly $600 thousand which has rendered the company one of the top market movers on the Pink Sheets markets today.