Well, it looks as if our dear friend Rocky got burnt again...
Shares of building maintenance
and security company Temco Service Industries (OTC BB:TMCO
- news) momentarily doubled on Thursday only to reverse course in
a flash in a move traders said seemed to be a case of mistaken identity.
The sudden spike carried Temco shares as high as $65 from a closing price on Wednesday of $28.75.
The move came on the same day that shares of Ticketmaster Online CitySearch (Nasdaq:TMCS -
news), a well-known Internet company, debuted on Nasdaq after its initial public offering.
Traders, who asked not to be identified, said they believed people bought Temco shares believing they
were Ticketmaster stock. The Nasdaq symbol for Ticketmaster Online, ''TMCS,'' is very close to
Temco's Bulletin Board symbol, ''TMCO.''
''We saw some unusual activity. There's a high probability people were buying the wrong stock,'' said
one Nasdaq trader.
Temco did not return calls for comment.
Another trader said the sudden move was a particular surprise given the infrequent trading typically
seen in Temco shares and the lack of a ready explanation for the sudden interest.
''Everyone in the country wanted to buy the stock at the same time for a couple of hours and there
wasn't any news from the company,'' the second trader said.
Ticketmaster shares were trading at levels fluctuating around $50 a share in mid-afternoon, up from an
IPO price of $14. Temco shares had returned to a price of $28 a share by late afternoon.
Can you believe these idiots? One thing that wasn't pointed out, is the fact that Yahoo was posting news related items for Ticketmaster under the symbol "TMCO". So, they certainly added to the confusion.
Can you imagine being a Temco shareholder and having your shares shoot to $65 on no news! Hope to God most got out....This was a 'shorters' dream today. I wish I would have caught it earlier.
However, I do have an idea. It might take a group effort, and I hope quite a few on here are willing to participate. We need to get a list of all the internet IPOs . We then need to scan stock symbols that are very close to the internet offerings trading symbol. We need to purchase these stocks the day before the internet issue starts trading. We then sell after the drastic run up ... flip it .... and then short it.
Could I have possibly stumbled on to something here?? |
