Finally today US stock markets are taking a breath of fresh air, after scoring their longest negative sequence since the start of the year. The Initial Jobless Claims data, which came out earlier today, was slightly better than market expectations, yet it was enough to enhance the technical rally of the US markets.
Bullish winds are also blowing on the OTC Markets, where the OTCM ADR Index has gone up 9.02 points, or 0.63 percent, to 1,434.00. Yet, not all penny stock market movers are heading in the same direction today.
Vuzix Corp (VUZI) – Today, after a brief positive episode at the beginning of the trading session, VUZI slipped down into a correction phase. VUZI stock is losing value today after ten days of no fundamental support.
At the beginning of the trading session VUZI surged above the previous close reaching an intraday high at $2.59 per share. At 10:00 am, however, VUZI stock had already tanked deep below the previous close.
At the moment shares of VUZI stock are trading 5% lower at $2.39 per share on a four times higher than average volume of 200 thousand. So far, VUZI has generated 218 trades which are valued at $475 thousand making VZUI one of the most actively traded penny stocks on the OTCQB Markets today.
Medical Marijuana, Inc. (MJNA) – Yesterday, MJNA struggled under a moderate selling pressure which ended up with the stock losing 6% of its value at $0.14 per share on a higher than average volume of 10 million.
The value of MJNA stock was put to the test yesterday, after US regulators issued an official warning as regards medical marijuana investments. In short, the regulators stated that investors in marijuana-related stocks “may see their profits go up in smoke”.
Apparently, MJNA did not remain idle after the publication came out, so the company has issued three press releases since yesterday to support its stock value. First, MJNA announced that the Depository Trust Company had determined to lift the deposit transaction restriction and had resumed accepting deposits.
Today, MJNA showered investors with two news updates, the first of which said that attorneys for the General Assembly have outlined more than a dozen “substantive concerns” about the proposed regulations for the state’s medical marijuana program, one week before a key vote.
The most substantial news form MJNA came last, just a couple of hours ago, when the company announced that it had signed an exclusive distributorship agreement with Aritex AG, a Switzerland based distributor for nutraceutical products for Russia and the CIS. This fundamental support has alleviated the negative effect of the US regulators’ report for the time being, so MJNA stock is taking a breath of fresh air today.
Currently shares of MJNA stock are trading 3% higher at $0.14 per share on a volume of 3 million. MJNA has also generated a trade value of $423 thousand which makes it one of the most actively traded penny stock on the OTC Markets.
Grillit, Inc. (GRLT) – GRLT stock, which jumped up from $0.25 per share to $6.00 in less than a month’s time, is currently tangled into a serious correction phase. In fact, today is the fifth trading session in a row in which GRLT posts a decline.
GRLT has been moving back to its 50-day moving average, despite the fundamental support which was provided by the company this week. On Tuesday, GRLT announced that its first franchised store located in Nashville, Tennessee was open for business. Yet, on that day investors punished the stock causing GRLT to shed 12% of its share price.
On the next day, GRLT announced that it had retained information technology strategist, Ghassan Salamoun, to serve as its Special Advisor for IT Infrastructure. This time, GRLT lost an even higher chunk of its stock value which declined 16% to $3.15 on the same day.
During the week, GRLT also published its unofficial quarterly report which disclosed that the company had incurred a net loss of $335 thousand for the three months ended June 30, 2013. The combination of a lackluster bottom-line and the general bearish mood on the US stock markets have aggravated the correction phase of GRTL, which just one week ago hit a 52-week high at $5.95 per share.
Today, despite the rally of the US stock markets GRLT is still losing value, in what seems to be a nail-biting session. During the day GRLT slipped into a dramatic downward spike which brought the stock to an intraday low at $1.78 per share, or 43% lower than the previous close.
However, in the last couple of minutes GRLT has recuperated a little bit. So, currently shares of GRLT stock are trading 18% lower at $2.60 per share on a higher than average volume of 176 thousand.