Vringo Now Trading Up 75% in Wake of Blog Post
Earlier on Monday, Benzinga noted that a blog post on techcrunch.com from James Altucher had sent shares of Vringo (AMEX:VRNG) skyward. In the article, Altucher notes that a lawsuit which the company recently filed against Google (NASDAQ: GOOG) alleging patent infringement could be extremely lucrative.
At the time of Benzinga's original article, VRNG shares were trading up 30%. Subsequently, the stock has exploded higher, adding another 45%. All told, VRNG is now up 75% on the session to $2.89. Volume has been massive in the small-cap name with more than 15.6 million VRNG shares trading hands on the session versus a 3-month daily average of just over 800,000.
Given the massive move in the name, the stock will likely remain a very active trading vehicle throughout the week. The company only has a market cap of $31 million, and due to its small size, the stock should remain extremely volatile in the coming days. Small-cap traders should keep an eye on this name as it has offered up some amazing profit opportunities on Monday.
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