Top 5 OTC-BB and Pinksheets Market Movers
Magnum D’Or Resources, Inc. (MDOR), Sino Clean Energy Inc. (SCLX), Sinobiopharma Inc. (SNBP), Micromem Technologies Inc. (MMTIF), and Paid, Inc. (PAYD) were among today’s top market movers.
Magnum D’Or Resources, Inc. [[MDOR.OB]] shares rose nearly 30 percent after Cohen Independent Research Group initiated coverage on the company with a “BUY” rating and $2.76 per share price target. The unsolicited and non-compensated research report notes that the firm expects tremendous growth potential along with its partner Sekhar Research Innovations as they seek to benefit from the ongoing shift towards “green” products and technologies.
Sino Clean Energy Inc. [[SCLX.OB]] shares jumped more than 25 percent on no news, as shareholders speculated that insiders or institutions may be purchasing shares of the stock. The speculation comes shortly after the company reported 392 percent revenue growth and 195 percent net income growth, year-over-year, on April 6, 2009. The strong results have many investors confident that this stock remains undervalued.
Sinobiopharma Inc. [[SNBP.OB]] shares surged more than 17 percent on no new news. However, the company did release its quarter earnings report on April 20, 2009, which showed a sharp increase in sales, but continued losses from operations. Meanwhile, the company also appointed a new director of marketing, which has some shareholders confident that higher revenues could be just over the horizon.
Micromem Technologies Inc. [[MMTIF.OB]] shares moved up more than five percent on unusually high volume despite a lack of new news. Recently, the company completed a private placement of 174,419 common shares at a subscription price of CAN$0.86 per share for proceeds of CAN$150,000. The proceeds of the offering were used for general working capital purposes and will be subject to resale restrictions.
Paid, Inc. [[PAYD.OB]] shares surged more than 15 percent after sales of Aerosmith’s concert tickets went into effect. The company operates the official Aerosmith fan club, which sells exclusive VIP packages. According to drummer Joey Kramer, “Our VIP fans experiences on the 2009 Tour offer incredible opportunities for fans to experience Aerosmith up close and personal.” Investors are bullish that words like these could translate to revenues for the company.
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