The market was rocked by several data points coming from across the globe on Friday. The Chinese miss in GDP growth was especially concerning for investors as they look at both Europe and China now as possible issues going forward for the global recovery.
The miss in jobs numbers also reaffirmed the Fed’s position that the labor market lacks long term sustainability and they will have to continue their accommodative stance on monetary policy. The risk is becoming all too real that the economies of the world may be mired in a period of stagnation similar to what Japan has been experiencing since the 1990s.
In the world of penny stocks, it is always about the volatility. If a stock has it it attracts the day trading crowd. If there is one market that is truly decoupled from the rest, it is the otc and otcbb markets. It is all about momentum and manipulation. Where is the next next big pump coming from? What are the message boards pushing? What can be a good bounce play after a stock dumps 80% in a day. Always interesting in this market.
Joe’s Jeans Inc. (NASDAQ:JOEZ) closed Friday up 10.48% at $1.37. JOEZ shares traded as high as $1.56 a share after the company announced quarterly earnings late Thursday. Joe’s Jeans saw a more than 20% increase in net sales for the first quarter. The company has a market cap of 88.62 million.
Primo Water Corporation (NASDAQ:PRMW) finished Friday up 10.31% at $1.76. PRMW saw huge volume on the last day of the week with 4.8 million shares traded. PRMW typically trades 482 thousand shares a day on average. PRMW shares quickly hit an intraday high of $2.28 on Friday before settling around $1.80. The company has a market cap of 41.88 million.
Converted Organics Inc. (PINK:COIN) ended Friday up 29.92% at $0.0165. COIN traded 83.6 million shares on Friday, 4 times its average volume. COIN shares jumped as much as 100% last week.
SEFE, Inc. (OTC:SEFE) closed Friday up 4.92% at $1.28. SEFE traded 2.1 million shares on Friday, more than 3 times its daily average. SEFE shares are up about $0.50 a share since late March.
NeoMedia Technologies Inc. (OTC:NEOM) jumped more than 10% on Friday and closed at $0.0230. NEOM shares saw strong volume on Friday especially in the morning with over 51.4 million shares traded.
Sunesis Pharmaceuticals Inc. (NASDAQ:SNSS) closed Friday up 10.11% at $3.05. SNSS traded 1.6 million shares, 4 times its average volume. SNSS shares were given a buy rating on Thursday by Cantor Fitzgerald. The company has a market cap of 142.80 million.
North Springs Resources Corp. (OTC:NSRS) jumped 34.62% on Friday at $0.1050. NSRS shares jumped $0.04 on Thursday and Friday. NSRS traded 5.9 million shares on Friday, still below its average of 21.9 million shares it used to trade when it was being pumped heavily.