The market has made a comeback after starting the morning in the red. The Dow was down as much as 70 points and hit a low of 9,535 before bouncing back. Currently, the Dow is down 15 to 9,590.
Wall Street is a little nervous given the weekend news from this morning concerning the imposed tariffs on Chinese tires. It was a pretty bold move considering China buys a lot of our U.S. dollars and could raise concerns about a possible trade dispute. Traders are flocking to Amerityre (AMTY, $0.70, up $0.38) as a short-term trade. Shares opened at 40 cents and have traded as high as $1.00. Stay away.
From the FYI department….today is the 1-year anniversary of the Lehman Brothers (LEHMQ, $0.16, up $0.05) debacle. Although the company went bankrupt, its shares still trade on the “pink-sheets”. This is where most of the “penny stocks” trade. Shares are up a whopping 60% on volume of 40 million. The stock is completely worthless but people are still trading it…
Speaking of zooming…Zoom Technologies (ZOO, $7.44, up $3.40) is up 84% today. The stock opened at $4.70 this morning after closing at $4.04 on Friday. The company’s recent acquisition of Gold Lion is going to a “boom” to the bottom line as Gold Lion’s revenue increased 350% to $53 million in its most recent quarter. The deal will close by the end of the month. There are no listed options on Zoom.
Subscribers, check the Members Area for the Freeport McMoRan (FCX, $69.54, down $0.82) trade.