Yesterday, Business Continuity Solutions Inc. (PINK:BUCS
, BUCS message board
) surged and crashed before the amazed eyes of market spectators.
In the first two hours of the session, BUCS went up 16% and hit an intraday high at $0.0825. Shortly after that, the stock took a deep plunge and at noon hit an intraday low at $0.06.
Thus, the amplitude between the intraday extremes reached 37%.
Eventually, BUCS finished at $0.061 per share, which is 14.08% lower than the previous close. Meanwhile, the trading volume was bulging significantly.
The total number of traded shares for the day exceeded 1.6 million, which is more than ten times higher than the daily average.
The short volume reported by FINRA was represented by 630 thousand shares. Translated into relative figures, the short volume reached 385 during the day.
According to our data base, BUCS had undergone a promotion targeted for the Thursday session. A lot of newsletters dedicated to the company were spread out. The first newsletter to hit the market was that of Whispers From Wall Street.
The latter reports he was hired by a third party called RDI LLC for the sum of $15,000. The promoter, however, admits that he has not investigated the background of the third party, and assumes that the third party may plan to liquidate its BUCS shares.
Apparently, that is what happened yesterday and explains the sharp decline of the stock on one of the highest trading volumes in the company's history.