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Cynk shares fall below $1; traders see further decline

29
Jul
2014

By Rodrigo Campos NEW YORK (Reuters) – Cynk Technologies, which was briefly worth billions of dollars last month, saw its shares fall below $1 on Monday, and traders say it is only a matter of time before the stock is once again worth next-to-nothing. Most traders interviewed said the stock is likely to keep falling until it is once again worth no more than a few cents. In addition, short sellers who had borrowed the stock were also buying it to close out positions, also elevating the price a bit, traders said. A trader at Canaccord, who would not identify himself, said any volume was attributable to short covering — traders who are buying because they had borrowed stock to sell it on the expectation of a price drop.

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