Yesterday was probably a very bad day for anyone who believed Mike Statler when he said Pan Global Corp. (OTCMKTS:PGLO
, PGLO message board
) was going to be a "Major Bounce Play
PGLO didn't bounce even a little bit. It started the session down and in the end PGLO closed down another 48.95% at $0.292 per share on 6.8 million shares.
At this price, anyone who has bought PGLO stock since it started trading actively on Oct. 21 and still hasn't sold it, is looking at losses.
So far the company hasn't made any comment on the massacre that the last two sessions turned out to be.
The aforementioned Mike Statler is supposed to be the co-editor of Stock Tips, the pumper newsletter hired to tout PGLO. We don't have data of any previous pump jobs by Stock Tips, and seeing how this one fared, it's questionable if they will want to have another go.
We will keep an eye on PGLO in the coming days. Although any dramatic change in the situation is unlikely, it will be interesting to see whether the SEC will take some action, and whether the company's small-hydro project will go anywhere.