I saw this stock take off like a bat out of heck. Then it happened again. And again.
I tried to short India Globalization Capital (IGC) Wednesday morning, as my Evel Knievel side started to show.
Guess what? Prohibited. Me? Where I house my accounts? No idea. Call and raise a stink? No, that would be stupid.
Perhaps, this "not being able to short IGC" ends up being a lucky thing.
What I am reading is... oh, you won't believe this...
This firm based in Bethesda, Maryland
1) Develops and manages both commercial as well as residential real estate in Malaysia, where a subsidiary is now focused on building a five star hotel;
2) Leases heavy equipment in India.
Oh, here it is... number three.
3) The firm is developing intellectual property for the treatment of life altering conditions through its research on phytocannabinoid based therapies. That's in the U.S.
Where Are We Now?
Last week IGC stock suddenly left the realm of the penny stock universe when the firm announced its intention to enter the CBD-infused energy drink market. At that point, Canaccord Genuity analyst Bobby Burleson indicated high expectation that revenues for such beverages should "expand meaningfully over the next several years." In fact, Burleson believes that retail demand should grow faster than for that of marijuana itself.
Leadership here is no bunch of fools. IGC went to market last night with 5.65 million shares of equity priced at a weighted average of $5.30 per share. This raised $30 million and completed an at-the-market offering, which commenced last Tuesday. Obviously, this put weight on the shares, which is why I tried to short IGC in the overnight.
What I Am Going to Do?
Well, being unable to lead off with a short position, I should leave this one alone. But let's face it, IGC is volatile.
I am tempted to day trade the issue Wednesday. So, perhaps I will. That said, win or lose, I'm flat before the close. That's guaranteed.
Nine and three quarters for an odd lot. Anyone? No?
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