Patriot Scientific Corp. (OTCMKTS:PTSC) Through the Roof on News
To the joy of shareholders, yesterday the stock of Patriot Scientific Corp. (OTCMKTS:PTSC) went 62% up and closed at nearly $0.19 per share. Share volume went sky high as well, with over 7 million shares changing hands.
PTSC was trading mostly flat until the early afternoon and the green spike seems to have been triggered by a news release by the company. Patriot announced that it had come on top in a patent infringement lawsuit, as declared by a California court. What really helped the stock climb was that the lawsuit was against none other than Taiwanese mobile giant HTC Corporation. HTC were found to infringe several claims within a microprocessor patent that is part of Patriot’s portfolio.
In addition to voicing the company’s satisfaction with the outcome of the prolonged legal battle that started years ago, PTSC‘s attorney further hinted that there are more products out there that ‘work the same way as HTC’s infringing products’. Patriot has other cases filed that are currently on hold, alleging infringement of the company’s patents by other household names such as Barnes & Noble, Nintendo and Samsung.
The release was indeed great news for shareholders and the jump was inevitable, considering who the defendant was. With such a sudden spike, however, some amount of pullback is also very likely, at least in the short term, as cashing out at a suddenly inflated level may seem a lucrative opportunity to some, and chasing stocks that are up in leaps and bounds is hardly a great idea anyway.
Among Thursday’s other big movers, there were a few other surprises too. Swingplane Ventures, Inc. (OTCBB:SWVI), an old Awesome Penny Stocks (APS) pump that surfaced back in March 2013 and was drawn, quartered and done for by April, cropped up among the most heavily traded OTC stocks once again, shifting over 11 million shares and closing 277% up, traders obviously unperturbed by the fact that the ticker was one of the biggest pump failures of the year so far.
The new pick of APS, Pacific Clean Water Technologies, f/k/a Unseen Solar, Inc. (OTCMKTS:PCWT) performed below expectations again, closing nearly 5% down.
