Tranzbyte Corp. (OTCMKTS:ERBB) Shaken After Bad News
While the whole marijuana sector was slowly but surely crawling forward, Tranzbyte Corp. (OTCMKTS:ERBB) dropped to $0.0146 during yesterday’s session.
It is true that companies in the marijuana branch, such as HEMP, INC. (OTCMKTS:HEMP) Terra Tech Corp. (OTCMKTS:TRTC) and Growlife Inc. (OTCBB:PHOT) barely managed to move, registering no more than 4% up yesterday. However, they are still way ahead of ERBB, who slumped 5.81% in the same session.
The ticker opened dangerously low and, for a while at the beginning of the trading session, looked like it was about to crash hard. ERBB managed to stabilize before the closing bell, retaining most of its market value.
This sudden uncertainty was a logical consequence of the bad news ERBB delivered to investors in the press release the company made after Wednesday’s session. The announcement of the company’s failure to establish a partnership with PARC could not have been good for ERBB‘s market standing.
The only thing that may strike some as odd, is that ERBB even managed to stabilize at this level. Especially, since it was only the idea that the company could form a partnership with PARC, that pushed the price from about $0.0075 to nearly 2 cents. ERBB just doesn’t have anything else going for it.
Although the fact that ERBB managed not to lose ground is commendable, it may be based on nothing more than hope, hype and sentiment. That may prove insufficient to sustain the price in the coming days, unless ERBB manages to come up with something more convincing.