Greece’s creditors prepared on Thursday for the beginning of bailout talks in Athens, following lawmakers adopting a second package of reform measures before dawn notwithstanding a left wing rebellion that may potentially bring early elections. In a sign of how the goal of coming to terms with the country’s debt is quickly sliding even further away, Greece’s most influential think tank predicted a sharp drop back into recession. Wall Street declined for the third straight day, with the Dow Jones industrial average lower for the year after disappointing earning results. With that being said this seems to have no affect the penny stocks as companies such as Golden Star Enterprises Ltd (OTCMKTS:GSPT), Inotek Pharmaceuticals Corp (NASDAQ:ITEK) and America Resources Exploration Inc (OTCBB:AREN) have turned up the heat in the last couple of weeks.
Golden Star Enterprises Ltd., announced earlier in the week that it will be entering the action sports drone industry. This entry comes with the recent acquisition of NA Drones; the company is planning on promoting its product throughout major ski resorts in North America. Its competitor GoPro Inc (NASDAQ:GPRO) who just reported positive earnings for this quarter has already experienced success in the estimated $17.5 billion action sports market. Director the company Matt Kelly, “The idea of filming from an aerial view has been around for years with many professional athletes hiring helicopters to follow them around. We are not only making it more affordable for those athletes but also making it affordable for the recreational hikers, bikers, skiers, snowboarders and mountain enthusiasts.” GSPT has seen a price run of 115% over the last month from lows of $0.03 to highs in July of $0.0645.
Inotek Pharmaceuticals Corporation a clinical-stage biopharmaceutical company announced Thursday morning they would begin their Phase 3 development strategy of its front running glaucoma drug, trabodenoson. Trabodenoson is a selective adenosine mimetic designed to rebuild the eye’s natural pressure control mechanism. After the end of Phase 2 meeting with the FDA the company is in its final prep stages to start it first Phase 3 trial to back a New Drug Application. CEO of the company had this to say, “Our End-of-Phase 2 meeting was a critical milestone for advancing the development of trabodenoson. We are pleased with the agency’s guidance on the pivotal trial design which will enable a more efficient registration path to potentially bring this novel glaucoma therapy to market for the benefit of patients.” This past week ITEK has jumped 222.66% based off this news and positive earning reports from lows of $5.03 to highs on Thursday of $16.23.
America Resources Exploration Inc. an oil and gas exploration and production company released a corporate update regarding current oil prices and the effect of the Company and its drilling predictions. Texas produces the largest amount of oil of any State in the U.S. The EIA’s April 2015 figures put its total production at roughly 3.71 million barrels of crude per day. The rest of the U.S has seen a one-year drop, Texas crude production spiked 16% in May 2105 to 107 million barrels. The CEO of the company stated, “The outlook for oil in the US appears much better than it was a few months ago,” and he continued with, “We continue to evaluate these future prospect properties in an effort to meet our expansion plans. Our team is working diligently to achieve our goal of reaching record revenues for the 2015 calendar year.” Thursday AREN saw a big spike in volume and a 65.33% increase from opening at $0.15 to highs of $0.248.