US Tungsten Corp. (PINK:USTU) Gets New Pump Despite Tanking
Yesterday US Tungsten Corp. (PINK:USTU) dropped over 36%, down to a close of $0.37 per share, obliterating what gains investors made over the last month. Promoters have gone silent, with only a few morning emails sent before the stock tanked.
The pumpers at Penny Pick Finders came forward to announce Monday’s drop as a “pullback” and a “lucrative” opportunity for new investors. It turned out this was not the case, as the stock kept sliding, but it doesn’t really matter what you tell your subscribers so long as you’re getting paid $35 thousand to tout a certain stock it seems.
Every investor who bought USTU shares throughout February is now sitting on a loss ranging roughly from 10% to a whopping 50%. The promotional pumps that targeted the company this month, starting February 9, seem to have had their run. The news release around the market open yesterday concerning the appointment of a new CEO did very little to promote investor confidence.
Despite the horrid performance of the stock over the last two days, promoters Awesome Stocks extended their feelers to USTU as well. In a new pump running on a compensation of $50 thousand that arrived towards the end of yesterday’s session, Awesome Stocks tout the investment of $80 million Warren Buffet made in a South Korean tungsten mining venture last year, without pausing to think why Buffet chose to take his money to Korea instead of supporting U.S. production of the metal.
Awesome Stocks previously pumped other companies that started trading actively only recently and that crashed horribly when the emails stopped coming. One recent example is Primco Management, Inc. (OTC:PMCM) – a one-day promotion by Awesome Stocks crashed before it had a chance to run, with the promoters pocketing $60 thousand for their efforts.
Traders are advised to be extra careful with penny stocks, especially with companies that are currently being targeted by paid pumps. Even USTU‘s run and crash in February should be enough of a red flag that no amount of promotions can be any guarantee for the price performance of a stock.
