The session closed at $0.08 with 5.4 million shares exchanging hands. As mentioned, a 45% increase for the day. Nothing major at hand to fuel the hype, except for websites like this one, suggesting that there might be great news coming, thus a great run coming for CNOZ.
On the other hand, it depends on the nature of the news as well. If it is plain repetition of outdated announcements, like with the announcement about Cono being featured on the food network. Indeed, it is worth mentioning that the latest announcements that came out from Cono did not really inspire traders in the way perhaps intended:
- May 18th – Cono Italiano Announces Expansion;
- May 25th – Cono Italiano Enters Into Negotiations With Investors;
- June 23rd – Shareholders Letter to Investors of Cono Italiano;
It was rather a decline in the share price after the announcements, or relatively no change at all, coupled with hardly any increased trading activity. In this aspect, it is really interesting what should come out in order to sparkle a hype that could cause the stock price to accumulate value for more than a few days. One possible answer is a balance sheet for the second quarter with better figures that the 10-Q for the first three months of 2011. Unfortunately, it is too soon to expect it, so it is yet to see what, indeed, might be coming out in the next few days.
