Mid Day Market Update: Penny Stock Pops

The markets took a thrashing yesterday and it seems like anything that could go wrong did.  China’s market nearly crashed and the NYSE saw trading halted as a “computer glitch” threw off the tempo of trading during the heat of the day.  Despite these shortfalls, today is a different story and many stocks including penny stocks are beginning to see increased volume and price to the tune of tens and hundreds of percentage points.  These include Coast Distribution System Inc (NYSEMKT:CRV) IntelliPharmaCeutics Intl Inc (NASDAQ:IPCI) Progressive Care Inc (OTCMKTS:RXMD) Thinspace Technology Inc (OTCMKTS:THNS) Enviro-Serv Inc (OTCMKTS:EVSV) and U.S. Precious Metals, Inc. (OTCMKTS:USPR).

This morning Coast Distribution System Inc announced that the company has signed a definitive agreement for LKQ to acquire the company at a price of $5.50/share. As a leading distributor of replacement part for RV’s, LKQ saw an opportunity to roll up the industry through an acquisition approach. Shares of CRV have increased 48.5% within the last two days based on this news.

IntelliPharmaCeutics Intl Inc stock price jumped over 30% since Wednesday’s close. The company recently stated that the FDA has indicated that it has rescinded a previous requirement that IPCI had to meet prior to receiving final approval for IntelliPharmaCeutics’ “tentatively-approved strengths” of its generic Focalin XR. Volume is trending well above average with more than 850,000 traded at 1:16PM on Thursday

Progressive Care Inc announced this morning that the company had set new record sales during the second quarter of 2015. Net pharmacy revenues increased by roughly 24% over the last year to $3.3million and prescriptions for the second quarter were over 14,000; a 32% increase above the same period last year. The stock hit new July highs of $0.02 in early morning trading with volume also trending well above average with buying pressure building into the afternoon session.

Thinspace Technology was off the the races early on Thursday. After opening the day at $0.0046, share prices of this technology stock rose to highs of $0.0067;a jump of 45.7% from the open. Much speculation has risen as to what the latest agreement between AlarmForce and Thinspace will produce as far as revenues go for 2015.

Enviro-Serv Inc saw trading pick up following a mid morning announcement that the company had appointed a new VP of Pest Control Expansion, Mrs. Georgia Butler McCallister. With more than thirty years of experience, the company views this as a win and anticipates much more progress now that EVSV has a signed franchise agreement with Pestmaster Services. Shares of EVSV have traded between $0.0007 and $0.0009 this week with current activity and accumulation pushing potential for new highs.

U.S. Precious Metals, Inc.provided a drilling update and released assay results on the initial 11 drill holes from its current drilling program. Mr. Dave Burney, the Company’s Chief Geologist, stated “we are extremely pleased with the results to date as they far exceed the results from the prior two drilling campaigns.” Mr. Burney further stated, “it is important to note that these results have been arrived at relatively shallow depths between 150 to 200 meters.”

Today shares of USPR have jumped by as much as 11% following this release.

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