Olie, Inc. (OTCMKTS:OLIE) Makes a Massive Jump
Olie, Inc. (OTCMKTS:OLIE) has been sliding down the charts since mid-December and it seemed that nothing can stop them from hitting rock bottom. Yesterday, however, we saw some impressive performance by the ticker which made a huge jump in price and volume.
People went crazy after OLIE announced that it has completed the negotiations to acquire a private company called MVP Holdings Inc. and the stock lifted off and reached $0.0133 in the sessions’ peak. What was even more crazy about it was that there was no obvious paid promotion to fuel this.
Then, the momentum lost its power and the stock returned to doube zero land, but despite that OLIE closed the session with an impressive 150% jump at $0.0075. The massive 144 million shares that switched hands managed to generate $1.3 million in dollar volume, the highest in over a month.
People tend to forget that OLIE filed a financial report earlier this month which was anything but impressive. It covered the year ended September 30, 2013 and contained the following numbers.
total assets: $83
total current liabilities: $295 thousand
net loss: $17.89 million
Despite the grim financial situation in the company however, the investor message boards are buzzing and everyone that invested in OLIE is out there touting the company stock. Where will OLIE go from here is only for time to tell, but there is a big possibility for a correction.
In any case, be sure to do your due diligence and weigh out the risks if you are having any thoughts of jumping in on the hype.