Monday, March 9, 2009

2 Shares of Dry Clean USA


2 shares of Dry Clean USA traded hands today... As the result of $1.34 of stock being exchanged, over 10% of the company's 'market value' or almost $600,000 dollars of market capitalization instantly evaporated.

Stunning, simply stunning.

Disclosure: Long DCU and refusing to believe that 2 shares can assign a value to my holding!

6 comments:

Max Olson said...

Jeff,

I also own some DCU (obviously it's very hard to get a hold of the shares.) Great little company, extremely cheap. I saw the 2 share volume today -- very funny. I guess with a brokerage account and $1.34 one can do lot of damage these days.

Max

Mark said...

those obscure value stocks can be frustrating. check out HKN this oil company that is about a third or so of net tangible book. stock just got killed on a bad quarter but if oil keeps going up it could trade atleast for its scrap value maybe. lol even buying value is real risky now though. HHGP might be in play to. sub ncav. staffing. GVHR a staffer just got a 200% buyout premium the other day. can't really vouche for any of these just look interesting if i was intent on investigating something.

Jae Jun said...

What the..Seriously? 2 shares can do that much?

Joshua Wallis said...

2 shares, that's classic.

Now if only 100,000 shares will change hands at 0.67 and I could pick up some...

Mark said...

a funny thing to do and the institutions probably do this is take a thin stock like this and buy the call options, then manipulate the stock with a few buys over a few days and the options would pay off big. I've never done it and never even traded options though. stocks so illiquid might not even have options...

Mark said...

actually would be a good pickup at .67 if you could get a good fill. looking at the 6 mo chart this thing keeps bouncing back and forth betwee .90-.85is