Traders probably look for more gains after the share price was going sharply down since the middle of April, when the stock got promoted again. Although much cheaper, the promotion yesterday achieved better volume results and BLEW stock is catching the attention one more time.
Over 10.75 million shares were traded, the highest volume for the stock ever, making the share price jump by 25% up. The company paid $10,000 for the promotion, a minor amount as compared to the “$100,000 in stock” compensation paid in April.
Bluewave’s quarter report suggests that the current $2.7 million market value is just too much for the $2,000 cash asset and the $77,000 liabilities that the company had at the end of this July. Created in 2008 with the purpose to grow and sell oysters, Bluewave claims now to be “a highly dynamic and fully comprehensive music, technology and sports entertainment company”, but has no plan how exactly this can happen.
The company has never had any operations, has never spent a single dollar on research and development and looks like it only has its shares of common stock as a means of payment for services and for covering the expenses. Traders should thus do their own judgment on whether a company like that can fulfill its dream about a licensing agreement with the music publishing giants and for how long the share price can sustain its current level.
