SmartStockAdvisor.com Reports: Market Maker Action
We imagine there are frustrated and appalled shareholders, especially those with Level 2 service who continue to see Market Maker manipulation. While we take the long view of Microphonics and think they are making excellent progress, we want to point out that there is manipulation going on. This is difficult to stomach in the short term and steps are being taken that cannot be disclosed at this time by Microphonics.
On August 6th, the Market Makers severely manipulated the price of MRPS stock from 1-7/8 to as low as $1-5/16 on a day that they was considerably more buying than selling, yet the stock closed significantly down for the day.
Today there was manipulation again, so we felt that it was important to point out that there is no fundamental reason for the stock price to go down. The prospects are more positive than they have ever been. What bothers us the most is that shareholders without Level 2 services are at the mercy of the Market Makers, and those shareholders assume that the shares are being traded fairly.
As a result we are in contact with the SEC to begin tracking Microphonics stock movement. While the SEC is overworked, they have encouraged us and others to send them hard evidence of manipulation, since it saves them a great deal of time in determining which Market Maker?s to ?go after first?. The example below is particularly telling:
EVIDENCE OF MANIPULATION FOR MICROPHONICS, September 1, 1999:
One key section of today?s trading shows extreme manipulation:
At 3:23:18 EST the stock was at $1.43 x 1.50
Then there was 5,550 (2,000 + 500 + 3000) shares of BUYING and 500 shares of SELLING but the Bid went DOWN to:
1.375 - 1.50
Then there was just 200 shares of BUYING and 500 shares of SELLING and the Bid went down again to:
1.31 - 1.468
Then another minor SELL of just 500 shares and the Bid went down again to:
1.31 ? 1.375
Then 1000 shares of BUYING and 500 shares of SELLING and the bid went down again to:
1.281 ? 1.375
This was at 3:26:32
So in the span of just over 3 minutes there was 6700 shares of BUYING and 2,000 shares of SELLING and the stock dropped from 1.437 ? 1.50 to 1.281 ? 1.375 or about 10%.
Partial times and sales log from today:
3:23:18 1.437 ? 1.50 5 x 5
3:23:32 ........2000.... 1.55
3:23:35 ........ 500.... 1.50
3:23:38 ........3000.... 1.50
3:24:13 ........ 500.... 1.438
3:24:42 1.375 ? 1.50 5 x 5
3:24:55 ........ 500.... 1.375
3:25:10 .........200.... 1.50
3:25:12 1.375 ? 1.468 5 x 5
3:25:26 1.312 ? 1.468 5 x 5
3:25:27 ....... 500.... 1.375
3:25:32 1.312 ? 1.375 5 x 5
3:25:36 ....... 1000....1.375
3:26:31 ....... 500....1.313
3:26:32 1.281 ? 1.375 5 x 5
3:27:30 ....... 500....1.531 Z
3:27:56 ....... 1500....1.50 Z
3:29:34 ....... 1500....1.438 Z
Then there were 3 out of sequence trades trades posted at 1.531, 1.50, and 1.4387 indicated by a Z.
From that point on, there was about SIX TIMES more much BUYING (18,100 shares), than SELLING (3000 shares), and the stock closed at 1.437 ? 1.468
A full level II time and date Sales log is available by email from SmartStockAdvisor if you request it.
Disclaimer: SmartStockAdvisor.com is a compensated agent of Microphonics, Inc. as of May 18,1999. SSA has been hired to perform press and investor relations for the company and are being compensated as follows: during the first three months of our contract SSA will receive 3K freely trading shares and 2K restricted shares per month; thereafter SSA will receive 5K restricted shares per month, with possible additional restricted shares on a quarterly basis. In addition, the individuals comprising SmartStockAdvisor.com all hold individually owned unrestricted shares of Microphonics, which collectively amounts to less than 1% of outstanding shares. We are not a registered investment advisor and suggest that you consult with an independent registered advisor as well as do your own research before investing in any stock. The opinions and analysis included herein are based on sources believed to be reliable but no warranty, expressed or implied, is made as to their accuracy, completeness or correctness. Readers are advised that this communication is issued solely for information purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities. The reader should verify all claims and do their own due diligence before investing in any securities mentioned. Investing in securities is speculative and carries a high degree of risk, of which may or may not be suitable for everyone. |
