Wow Zoom technologies

[Russ Smith]

I accidentally googled them a few days ago the day Zoom video went IPO. I looked up the ticker ZOOM which is ZOOM technologies, not ZOOM video which is ZM. Seems like lots of people not only made that mistake, they bought ZOOM thinking they were buying ZM. The stock was actually less than a penny and in a few weeks it has gone up over 56000 % ! Today up 32% to 1.85. Near as anybody can tell there's no actual news on Zoom technologies it's merely going up because people are confusing it with Zoom Video, buying the wrong ticker, and then driving it up.

It appears they've been public for more than a year so it doesn't appear to have been intentional trickery.

 

[BigRedRage]

I recently bought beck tickets at ak chin pavilion. When I googled Beck tickets, I saw "paviliontickets.com" and stupidly assumed that was the direct box office. After buying the tickets, it said they are a re-saler, I will get them a few days before the show and I went on Ticketmaster and realized I bought lawn seats, that wont sell out, at $10 more per ticket than necessary.

 

[Russ Smith]

I recently bought beck tickets at ak chin pavilion. When I googled Beck tickets, I saw "paviliontickets.com" and stupidly assumed that was the direct box office. After buying the tickets, it said they are a re-saler, I will get them a few days before the show and I went on Ticketmaster and realized I bought lawn seats, that wont sell out, at $10 more per ticket than necessary.

Not quite as good as buying a stock for pennies and selling it for nearly 2 dollars a share (-:

It closed today at 2.76 up nearly 50% again. For absolutely no reason. To put into perspective the day I noticed this the stock was at 70 cents and the high was 1.05 that day. This was before the real ZM went IPO. ZOOM technologies has gone as high as 6 on april 16th. So on April 5th you could have bought 10,000 dollars worth at 70 cents and you'd have 14, 285 shares. On April 16th you could have sold those shares for 85, 714 dollars and change! Even today at the lower price your 10K would be worth just under 40K. April 1st it was 30 cents.

It's almost too good to be true there has to be some backstory or some scam I can't believe it's still trading this wildly because people haven't figured out it's the wrong stock?

 

[BigRedRage]

Not quite as good as buying a stock for pennies and selling it for nearly 2 dollars a share (-:

It closed today at 2.76 up nearly 50% again. For absolutely no reason. To put into perspective the day I noticed this the stock was at 70 cents and the high was 1.05 that day. This was before the real ZM went IPO. ZOOM technologies has gone as high as 6 on april 16th. So on April 5th you could have bought 10,000 dollars worth at 70 cents and you'd have 14, 285 shares. On April 16th you could have sold those shares for 85, 714 dollars and change! Even today at the lower price your 10K would be worth just under 40K. April 1st it was 30 cents.

It's almost too good to be true there has to be some backstory or some scam I can't believe it's still trading this wildly because people haven't figured out it's the wrong stock?

buy! buy! buy!

 

[dscher]

Pump and dump. Buyer beware.

 

[Russ Smith]

Pump and dump. Buyer beware.

Oh 100% true. It's about 2 now, so if you bought near 6 you're down 3 fold.

I just thought it was pretty crazy that it appears people got in by mistake made money and dumped and people noticed the volume spikes and started trying to do it. It's essentially like bitcoin 18 months ago where the spikes up and down were completely momentum driven and had no basis in any sort of actual logic or value.

 

[dscher]

Oh 100% true. It's about 2 now, so if you bought near 6 you're down 3 fold.

I just thought it was pretty crazy that it appears people got in by mistake made money and dumped and people noticed the volume spikes and started trying to do it. It's essentially like bitcoin 18 months ago where the spikes up and down were completely momentum driven and had no basis in any sort of actual logic or value.

Yep. My opinion is youve got to be a company before I trade ya. Meaning.. these spec stocks are just that. Nothing but pure hype.. just crazy that people put money in stuff that has no real value or earnings to show for. The illusion of get rich quick is very real.