Hey Buddy? How’d you like to make a cool 25,000% on your investment? I know this awesome penny stock with one employee, large losses, no revenue and no assets. You would be crazy to sink your life savings into such a stock, right? Well, that’s just what plenty of investors did. Cynk Technology (CYNK) — which trades on the over-the-counter market — has caught retail investors’ fever and has risen from about 6 cents to $21 before settling down to $13. There’s absolutely no rhyme or reason for the surge, but it’s a great example of the dangers in the market. Here’s Tim Worstall at Forbes with a recap of the stock’s price madness.
The Wall Street Journal’s Digits (Scott Austin and Jeff Elder): Just what does CYNK do (or not do)?
MSN Money (Jean Eaglesham): Is CYNK a classic pump-and-dump? A look at the FBI’s Operation Pennypincher and the biggest sting yet.
Market Watch (Catey Hill): Speaking of criminals … would you let one pick your stocks? Meet the Oracle of San Quentin.
Beyondbrics (Jude Webber): Eat Fresh, Buy Local. Global multinationals are losing out to home town players in emerging markets.
Bloomberg View (Barry Ritholtz): Well, that market correction is finally here. Get out the life boats.
Rick Ferri Blog (Rick Ferri): How to under-perform the market in 93 easy steps.
Greentech Media (Nick Lombardi): How Connecticut is leading the world of green and renewable energy finance. Its model could change just how we fund projects.
Pando Daily (Paul Carr): Just once around the block, please. Uber’s background checks aren’t working quite so well.