Shares of Fuse Science (OTC: DROP), the company provides energy and body replenishment products for athletic enhancement, showed little upside energy the day after our national celebration and holiday. The stock ended the trading session down $0.05 to settle at $0.255, or a loss of 15% from the closing price on Tuesday. The number of shares traded totaled 2.3 million, which is about six times its average daily volume recorded over the last 30 days.
Things looked promising at the opening bell for traders carrying long positions overnight as the stock gained a penny. The opening print of $0.31 also happened to be the high for the session. At the end of the first 30 minutes, share prices had fallen seven cents to $0.24. Over one million shares, or about half the day’s volume, traded during this period. The stock made its low for the day at $0.22 with about two hours left until the close of trading. The remainder of the day saw the stock moving slightly higher on declining volume.
After threatening to trade at its annual low of $0.13 in the first week of May, Fuse Science stock climbed steadily through mid-June to over $0.35. Share prices have retreated a bit since then hovering around $0.30. Today’s sharp decline, along with volume topping 2 million, has occurred twice before in the last 90 days. On the two previous occasions, however, shares were able to rebound during the day and close fractionally lower.
The Miami, Florida, based company focuses on developing sublingual and transdermal delivery for energy products, medicine, vitamins and minerals. One product, Energel, addresses muscle fatigue and soreness before, during, and after physical activity. The company hit a triple crown over the weekend when Tiger Woods won the AT&T National golf tournament; Paul Rodriguez took the gold in the X-games; and David Ortiz will start in his eighth major league All-Star game.
On Tuesday, Xtremepicks highlighted the accomplishments of Woods, Rodriguez, and Ortiz plus touting its previous recommendations of Fuse Science being a favored pick. Additionally Xtremepicks has been promoting the stock for several months without compensation.
On Twitter, Stocks to Buy added Fuse Science to list of hot penny stocks to watch on Friday.
Fuse Science scored big over the weekend with three prominent athletes, but the weekend victories appeared to fizzle like a wet firecracker. Ever since the stock hit its 52-week high of $1.25 back in December, it seems like the big moves are to the downside. The question for tomorrow is whether today’s activity signals an end of a downward slope, or just the start of another one.
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