Undisputable Bubble Insanity: No Revenue, No Assets Company Up Over $1 Billion

[DeSwiss]

Undisputable Bubble Insanity: No Revenue, No Assets Company Up Over $1 Billion (+110%) Today On 57K Shares Traded

Submitted by Tyler Durden on 07/09/2014 22:31 -0400

Update 2: CYNK closed up 150%, at an all time high of $14.70, a market cap well over $4 billion. Clearly there is much untapped upside left for the company with no assets or revenues.

Update: Stock is now $14/share, implying a market cap for the revenue/asset-free compah of over $4 billion. This means it has a market cap higher than Dynegy, Federal Mogul, JetBlue or Buffalo Wild Wings.



Just 2 days ago we highlighted the best example of the exuberance awash the markets currently - CYNK Technology Corp, the social media development company that had a market capitalization in excess of $1 billion, which according to official filings, had one employee, no website, no revenue, no product, and no assets.

Fast forward 2 days - and some 57,000 shares traded (about 0.02% of its total shares outstanding) at around $10 and CYNK now has a market cap approaching $3 billion (and still no revenue, no product, and no assets)... Lord Overstone said it best. “No warning can save people determined to grow suddenly rich.”

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- So is it a PumpNDump if everybody knows it's a PumpNDump -- and they invest in it anyways because they know they can still make a killing if they get out of it in time?

Is it a con if everyone knows it's a con?

When is a con, not a con?

Seems like this used to be clearer......

[hobbit709]

1. Candy, birth, and time always holds true

[muriel_volestrangler]

2. I thought there was meant to be some minimum viability for a company to get a stock exchange listing

How did someone register about 200 million shares with some exchange in the first place?

[1StrongBlackMan]

3. Posted to for later reading. eom.

[stevenleser]

13. It's over the counter, not listed or buyable on any official exchange.

http://money.cnn.com/2014/07/10/investing/cynk-stock-surge/

[PowerToThePeople]

4. It is the stock market, it is always a con.

Or

It is Capitalism, it is always a con.

[hatrack]

5. There's just as much nitrous oxide inside the bubble as there ever was . . .

It's just that the bubble shrinks steadily, until only the Chosen Rich Fools inhabit it.

[genwah]

6. The more "mainstream" financial press has picked up the story. It will be interesting to see what,

if anything, happens.

http://www.businessinsider.com/cynk-technology-2014-7

[sharp_stick]

7. This one is bound to pop soon

and everyone who just bought in is going to howl, whine, complain and then proceed to stupidly do the same thing all over again.

[Cal Carpenter]

8. I am opposing a social order in which it is possible for one man...

I am opposing a social order in which it is possible for one man who does absolutely nothing that is useful to amass a fortune of hundreds of millions of dollars, while millions of men and women who work all the days of their lives secure barely enough for a wretched existence.
"Statement to the Court Upon Being Convicted of Violating the Sedition Act" (18 September 1918)

--E V Debs

(rolling over in his grave. Despite an exceptional decade or two last century, we've only moved backwards, Mr Debs.)

[redqueen]

10. Thanks for that quote.

K&R

[leftstreet]

11. +1

[Starry Messenger]

14. +1 billion

[Maven]

9. Name sounds like "SINK". Coincidence? nt

[haele]

12. Good lord, how much of this is from formulas blindly coming up "buy" at computerized brokerages?

If trades start going up over the 'net, and there's no one at the switch at these companies to actually check if there's something being traded, I could see how there would be a logarithmic jump in capitalization just from a virtual effect.
The market now has a very simple brain - programs on a network - that's driving by it's big mouth.

There is still "no value" in this company, but whoowee - talk about making money out of nothing. But still, with no assets or product, it's just as much a con as putting out an ad in personals "Starving student - just send a dollar to this p.o. box" - which is illegal in most states. Strange that it is legal...

Haele

[stevenleser]

15. I dont think any. I don't think over the counter stocks work that way.

http://money.cnn.com/2014/07/10/investing/cynk-stock-surge/

[Puzzledtraveller]

16. With the way Wall Street is doing lately you can ge taway with it

it's good times over there, very good times.