Wednesday, January 30, 2008

MIDEM 2008: Qtrax: follow the money

Why would a company announce its super-duper new service when it knew that it didn't have any licenses for the service? Hypebot wonders if it was all about the share price for QTrax:

Another explanation may be stock manipulation. Qtrax is controlled by Brilliant Tech Corp (BLLN) who's penny stock has languished at 5 cents for more than a year. But on Monday rafter the announcement the price almost doubled to 9 cents before falling back to a 4.5 cents after revelations from the label.s And now speculators willing to gamble that Qtrax will complete the deals have raised the stock to 5.5 cents.

What's even more interesting is that the price [dynamic page, so won't be relevant by the end of the week] appears to have hit 9 cents at the end of trading on Friday - before the announcement - despite there being very few trades of BLLN shares; there was, however, a lot of activity in the market on the Monday.

[Thanks to Michael M for the link]
[Part of MIDEM 2008]