iMing Corp. (PINK:IMNG) Keeps Sliding Post-Pump
On Friday iMing Corp. (PINK:IMNG) continued slipping in the wake of a huge promotional push in early February. After dropping 31% on Thursday, the stock closed over 16% down and settled on $0.63 at the bell.
The promotional effort around IMNG was a repeat of a great push that happened in early December 2012. Once again, a whole slew of promoters crowded around the stock, comparing the China-based set-top box maker to giants suck as Netflix and promising that last week was just the beginning of a huge run up, which of course did not happen.
The promoters gobbled up a cumulative pump budget exceeding $500 thousand dollars to tout IMNG over the first week of February. The pump was short lived as the stock crashed hard after running for only a couple of days. After two days of riding the water slide, IMNG stock ended up nearly 30% below its pre-pump levels and over 40% down from the peak pump values.
Investors who got burned on this one may find comfort in the thought that this was not the first time IMNG lost a lot of investor cash. Back in December 2012 promoters rallied once again in a huge pump effort that cost hundreds of thousands of dollars. The promotions heated IMNG up to about $1.15 per share and when the pumping stopped, the stock crashed on huge volumes traded in two consecutive sessions, very much mirroring last week’s crash, then proceeded to slip down to nearly $0.50. IMNG has gone quiet on the press release front as the pumps also came to an end.
The promoters at Stock Publisher who touted IMNG on both occasions, back in December as well as last week, pocketing $109 thousand for their February effort, have previously ran equally bad pump jobs. One example is their recent pump of Zippy Bags, Inc. (OTC:ZPPB). Stock Publisher arrived a little late to the pump, touting a possible bounce, which didn’t come and ZPPB continued slipping.
Investors are advised to do their own due diligence and check all sources of information before they make a decision. Trading pumped stocks just because someone was paid thousands to tell you this is the new hot thing is not the best way to spend your hard-earned money.