Yesterday was the first day of FiberTower Corp. (PINK:FTWR
) on the Pink Sheets market and it ended up with a positive price change. Yet, the company has entered the list of speculative stocks.
Last session closed at $0.21 for a share, or a 10.53% gain from Friday. Trading volume was, however, less than half the average for the past three months which is 1.74 million. FTWR chances to recover do not seem that good currently, and yesterday's increase was most probably due to a new research report on the company.
An investment newsletter called MicroStockProfit.com covered FTWR in a report containing the company's latest news and developments, as well as its financial position and stock performance. Although it is unlikely that the report contains any ground-shaking new data since FTWR has not provided any current financial information, the report actually managed to focus some attention on the stock, and raise its share price.
FiberTower stock price tanked last week as the NASDAQ announced its decision to delist the company's securities, and January 27, 2012 was declared as FTWR last day on the National Stock Exchange.
It cannot be said that the decision was unexpected since FiberTower had been notified a long time before, though the shocked reaction on the market was almost the same as in November last year when the possibility of NASDAQ delisting was previously announced.