Exactly a month ago, Dune Energy Inc(OTC:DUNR) traded at $1.3 per share. Yesterday, the session closed at $0.57 per share. Quite a free fall, although there have been positive sessions in May. Just like the session yesterday. In terms of volume, this Wednesday was the 52 week high as well. The question is – why yesterday? 
So, 17% increase in the stock price, with more than 4 million shares exchanging hands. No news at hand; no promotions at hand; no activity from shorters. In fact, the only objective catalyst was the announcement from Monday about the equity report available from GlobalEquityReport. Announcement, which however, did not have much of an impact on the trading activity or the stock price. In fact, it seems that the usual catalysts don`t work for DUNR, as entirely different factors determine the stock performance. A perfect example would be when a financial statement comes out.
On May 5th, 2011, Dune Energy released the quarterly report for the first three months of the year. It includes the following figures:
- $25 million in cash; [BANNER]
- $55 million in total current assets;
- $77 million in total current liabilities;
- $366 million in accumulated deficit;
- $17 million in revenues;
- $8.3 million in net loss;
So, these are the figures at the end of March this year. Not exactly inspiring, but far better than what most penny stocks could present, nonetheless. Yet, what is more interesting, the release of this document had no immediate impact on the stock market. The trading hype came a few days later, but it is questionable whether it was a delayed result of the SEC filing. In terms, given this volatility and sudden trading frenzies, DUNR remains a penny stock of uncertainty due to visible forces that push the stock price lower or higher.
