I know you’ve all seen the wild move in IPIX over the last few weeks. It ran from $2 to $27 over a period of 13 trading days on hype about their prospects as a security play. So at the peak it added about 225 million in market cap. Now take a look at their earnings report (from Briefing.com):
18:19 IPIX Interactive Pictures reports Q1 results; revs down 88.7% (16.30 +1.12)
Co reports a Q1 net loss of $0.41 a share vs a yr-ago loss of $0.01; revenues fell 88.7% to $0.72 mln (no estimates available). Security revenues for the qtr were two thousand dollars vs five thousand dollars in the yr-ago, or approx. 2.8% of total sales. IPIX finished the qtr with approx $9 mln in cash reserves.
Given the way this thing moves there will probably be a short squeeze today. Go figure.
What a complete joke. There has yet to be a single company in this current over-hyped fad that has survived an earnings report. IPIX was the worst because their hype was over a recently introduced product that had ZERO revenues.
Check out ABIX. That stock took off from about $3.75 to $16.70 in about 4 trading days. Trading has been halted on it, somethings fishy there.
yeah, like VAPH, they made some ridiculous claims.
Amazing isn’t it, how little has been learned from the scandals of the bubble? I bet the scams and stock manipulations from the micro-cap world are so numerous that the SEC doesn’t have enough man-years from here to 2010 to prosecute all the people they need to.