I hope you were able to pick up some shares on my big winners from yesterday because you could have made as much as 30% so far on Blockbuster Inc (PINK: BLOAQ) from $.0792 to $.103 and a whopping 93% on Longtop Financial Technologies Ltd (PINK: LGFTY) from $.14 to $.27!
Netflix’s misfortune could be Blockbuster’s fortune as this trusty video rental store seems to be back! Contrary to what the momentum crowd wished, the new owner of the video store Dish Network (NASDAQ: DISH) decided to keep the chain open. How many people will return to the old video store? The Blockbuster where I live is still open and it still seems to get traffic!
We all know that BLOAQ exists; the only lingering question still left on my mind is – what happens to Blockbuster’s common stock? If it is any way similar to six flags; we need to run away right now! However, BLOAQ is getting some serious attention right now! The RSI has wandered into overbought; the MACD just hit a buy signal – so watch for a possible pullback to continue its run.
Don’t forget the lowlights of what is going on with this stock because I don’t want you to marry it just yet…
LGFTY was halted shortly after Deloitte resigned as its auditor. Deloitte said in its resignation letter that it found falsehoods in the company’s financial statements and experienced “deliberate interference by certain members of Longtop management” in the audit process, including “unlawful detention” of audit files.
Even though this stock was trading at $18.93 earlier this year – LGFTY may face civil charges by the U.S. SEC, signaling stepped-up regulatory enforcement of possible accounting irregularities at Chinese companies.
LGFTY may be in serious troube, but I am not trying to get you $18 here – just enough to make you give your computer screen a high five! There is some serious upside to this stock right now as long as it doesn’t get halted again! Remember, don’t marry this stock by any means and if it starts to look scary; cut it a run!
I’m not one to perpetuate rumors, but there is supposedly a $5 buyout rumor on Yahoo message boards… Who knows for sure?
Disclosure: No Position
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