Crazy Stock Move Of The Day: Helios & Matherson Analytics Up 600%

Helios and Matheson Analytics Inc (NASDAQ: HMNY) shares are trading higher by $7.20, or over 600 percent, at $8.21 in Monday's session.

The catalyst for the monster rally is news of a merger with Zone Technologies. Interestingly, news of the merger was reported by Reuters just after 6:00 a.m. ET and didn't exert any influence on the share price in pre-market trading.

In fact, the news was of very little interest to anyone off the open as it traded only 2,800 shares as of 10:15 a.m. What may have set the issue in motion was the significant spike in price an volume after 10:30 a.m., putting the issue on radars across the globe.

Once the buying frenzy was set in motion, the issue moved over $5 by 12:15 p.m. and briefly touched $10 around 2:30 p.m.

The very thinly traded issue had less than 15,000 shares change hands all of last week; It has traded over 7 million shares with about an hour left in Monday's session. The range from last week was from $1.03 to $1.27. Also, the issue has six days of no trading at all (May 17-May 25) as it had received a delisting notice for May 29.

At this time, some traders have been unable to locate stock to borrow in order to short the issue.