BINC back from the brink, eh?
And I couldn't help repeating it - good one! :)
You're right, it doesn't resemble previous intraday spikes (which look more like data errors than real trading patterns!). I happened to be in an daytrading chat channel, when someone mentioned that BINC was in play. Naturally, I thought they meant to the downside. :-) Apparently, there was some sort of news release which caused the spike, but I couldn't find it, after searching multiple sources.
The closest thing I could find to news were the rumors on Yahoo, such as:
NEWS IS HERE!!!
I haven't verified this, but from what I was told, the news was just released - TAGATOSE has received GRAS approval and will be marketed by the end of the year by MD Foods - Finally!!!
I took a small, initial position, in case it didn't last ... which it looks like it didn't, though it may be too early to tell.
Ken
EDIT - A little more reading of the Yahoo board (dare I admit it?) has led me to understand the situation better. Apparently, there has been a great deal of anticipation that BINC (via MD Foods) would get approval of tagatose as GRAS (Generally Accepted As Safe), and thus could market it in the US. BINC put up a press release on their web site today, but didn't file it with any news wires ... yet?. They are "on track" for GRAS approval. There are a few disappointed longs, but they'll keep the faith, I'm sure. |
