Everybody Loves A Good Scam – Morning Linkfest (July 11)

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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.

Reuters (Kate Holton and Martinne Geller): Joe Camel gets a new home. Reynolds American (RAI) and Lorillard (LO) get gobbled-up. And it’s not even Merger Monday!

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.

Aaron Levitt is an investment journalist living in Ohio. With nearly two decades of experience, his work appears in several high-profile publications in both print and on the web. Also likes a good Reuben sandwich. Follow his picks and pans on Twitter at @AaronLevitt.


Article printed from InvestorPlace Media, https://investorplace.com/2014/07/cynk-penny-stock-scam/.

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