Those who have followed my Its Over thread would have received longstanding caution about falling knives stocks in particular those listed below and a few others like SAS. In fact, on a number of them I have been expressing extreme caution for many months , both technically and fundamentally. On 6th Dec, I placed out a tracker on these stocks , now almost 3 months later, you can see how the sp of theses companies, with exception of 3 have been rather disastrous falling as low as 67%!
Notable decliners today were FGO (-28.5%), BUD (-9.6%) and FBR (-9%).
Complete loss of confidence at FGO following their CEO move to reduce herself to Chief Revenue Officer and upon release of another set of poor financials with extended losses on miniscule revenues- at 1.12B shares trading at half a cent, this values at gobsmack $5.6m- I truly never imagined this to get so bad , but it does show you what happens to microcaps when there appears to be a complete loss of faith. To me , this FGO downward move today is a bit over the top but as for the others, their market cap are still way higher than they ought to be based on their commercial progress to date, hence I expect their downward trajectory to continue albeit occasional short term sp spikes on any announcements designed to spruik interest.
