SourcingLink.net, Inc. (OTCMKTS:SNET) Crashes After Another StockMister Pump
Yesterday Stock Mister decided to return to one of its previous pump targets – SourcingLink.net, Inc. (OTCMKTS:SNET) and the results were not pretty at all. The stock opened with a gap up but immediately started plummeting downwards and at closing time was 43% lower sitting at $0.039. Traded volume spiked though with 4.5 million shares changing hands compared to just 95 thousand from the previous session.
Despite the disastrous performance StockMister disclosed a compensation of $50 thousand for the two alert emails it sent out. The current sum is a step down for them because in mid-August they received $100 thousand to tout the same company. Back then SNET started crashing on the second day of the pump on volumes similar to yesterday’s. One of their recent picks – Media Analytics Corp. (OTCBB:MEDA) also crumbled under the promotional pressure slashing nearly a dollar off of its value in just a day.
SNET tried to do their part and released a new PR article right before the opening bell. The company was silent for over a month after the execution of the first payment for the Eldor property in Quebec was announced. So naturally we expected the new update to contain some information about the recent operations but alas that was not the case. All we learned was that 2 samples taken from their property contained high values of the rare earth elements Lanthanum (La), Cerium (Ce) and Yttrium (Y).
We are curious how are they planning to extract them when the previous luxury automobile membership services business left them with:
- $19 thousand cash
- $201 thousand total current assets
- $189 thousand total current liabilities
- $1300 revenues
- $22 thousand net income
Until the next financial report is filed SNET will remain a rather risky bet. That is why doing your own due diligence should precede any decision involving pennystocks and even more so if the stock is being actively touted. Yesterday Alkaline Water Co., Inc. (OTCBB:WTER) managed to recover some of the ground they lost when the $3 million pump crashed.
