Market Overview

Mystery CYNK Rallies Again With No Revenue, Assets Or Employees

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Mid-Afternoon Market Movers For July 10, 2014

CYNK Technology (OTC: CYNK) once again confounded market mavens Friday when the company with no revenue, assets or employees worth mentioning gained 22 percent in pink-sheet trading Friday.

Belize-based CYNK operates a website called Introbiz.com, which claims to offer the average Joe introductions to celebrities like Johnny Depp and Emma Watson for $50 each.

The Securities and Exchange Commission lifted a two-week suspension of trading in CYNK last week because of "concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Cynk's common stock."

Up to the trading halt, shares had gained 20,000 percent in a matter of weeks, hitting a high of more than $14 per share and briefly reaching a market capitalization of $6 billion. The earlier rally eventually drew widespread condemnation from market commentators.

Nasdaq's most recent information on the company shows no revenue in 2012 and 2011 and a loss of $36,000 on a negative cash flow of $9,000.

CYNK traded recently at $0.54, up 20 percent.

Posted-In: News Rumors Hot Intraday Update

 

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