U.S Consumer Spending Boosts Penny Stocks

U.S. economic growth sped up in the second quarter as firm consumer spending offset the drag from lack of business spending on equipment, hinting a consistent momentum that could potentially bring the Federal Reserve closer to hiking interest rates this year. According to the Commerce Department on Thursday, GDP grew to a 2.3% annual rate. The changes to the first quarter growth consists of the steps taken by the government to fine tune the seasonal adjustment for some components of Gross Domestic Product, which by the way economist project left residual seasonality in the data, as well as a new source data. With consumer spending growing this has ignited a spark in the penny stocks of the market. Small cap companies Powerdyne International Inc (OTCMKTS:PWDY), Golden Star Enterprises Ltd (OTCMKTS:GSPT) and Gevo Inc (OTCMKTS:GEVO) have seen an increase in market activity and investor awareness over the past couple of weeks.

Powerdyne International Inc (OTCMKTS:PWDY) provides power solutions that are designed to be installed globally. Wednesday the company announced that they have eliminated all of its convertible debt from its books. CEO Jim O’Rourke stats, “This was a big step for the Company. Ever since taking on the role of CEO at Powerdyne, the convertible debt has been an ongoing issue for our share price. Though it was a necessary step to raise operating capital, we are happy to say that we’ve now moved beyond that point.” PWDY has seen an increase in volume as of late and that has been the driving force to an impressive 125% price run from lows of $0.0004 to highs of $0.0009 on Wednesday.

Golden Star Enterprises Ltd (OTCMKTS:GSPT) A company that recently entered the lucrative action sports drones industry. After the company’s the recent acquisition of North American Drones, Golden Star will market and advertise its product lineup in major ski resorts throughout North America. Director of the company Matt Kelly said, “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.” From highs of $0.0645 to lows of $0.03, GSPT has seen a 115% increase over the last 30 days.

Gevo Inc (OTCMKTS:GEVO) a leader in renewable technology, chemical products, and next generation biofuels company announced on Wednesday morning that Express Lube of Fredericksburg, TX is the first service station in the United States to sell gasoline mixed with Gevo’s renewable isobutanol at the pump. CEO of the company states, “We welcome Express Lube as the very first retail service station to sell gasoline made with our isobutanol. It’s only a matter of time before other distributors and gas stations across the U.S. and in other parts of the world discover the benefits of isobutanol, and begin to offer our product commercially as well.” GEVO over the last 14 days has seen a 53.06% price spike from lows of $1.96 to highs on Wednesday to $3.00.

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