Traders did not need to remove their shoes to enjoy the flight taken by shares of IDO Security (OTC:IDOI) today. The stock flew for a 45% gain to close the session at $0.539. The stock opened this morning with a print of $0.40 and ended on its high. The numbers of shares traded during the session exploded past the stock’s average daily volume. Since the stock began trading in late December, traders on a normal day exchange approximately 95,000 shares. Today, they traded 2.9 million shares, or 29 times the average volume.
Until Tuesday, share prices and volume over the last 10 days barely made a blip on the radar screen. Beginning on Wednesday, IDO Security stock started to gain some attention as the price crept higher. The stock is up over 40% in just the last two days.
One reason for the heightened interest in the stock may pertain to the tragic bus bombing yesterday in Bulgaria that killed six Israeli tourists. IDO Security engages in the development and marketing of devices for the homeland security and loss prevention markets. The devices are used in security screening procedures to detect metal objects in footwear. The MagShoe devise is currently in operation in countries that include Israel, Czech Republic, China, Spain and Germany. This morning, IDO Security announced it had placed additional MagShoe devices in government offices throughout Israel. The company is based in New York with a subsidiary in Israel.
On the very first day of trading in December, the stock made its low so far for the year when it traded at 10 cents. The high print for the last seven months occurred at $0.56.
Besides today’s news, other recent headlines for the company include:
- July 2, 2012: The Depository Trust Company removed the “chill status” from the stock effective on June 29, 2012. Restoration of DTC eligibility means the stock can be traded and settled electronically.
- May 22, 2012: IDO Security releases earnings for the quarter ending on March 31, 2012. The company reported revenues of $204,564, which exceeded revenues for all of 2011.
A check of newsletters today shows a total of six promotions on the stock. The list of promoters includes Triple Crown Penny Stocks, Wall Street Penny Advisors, Hottest Penny Stocks, Ultra Stock Picks, Ultimate Penny Stocks and Upcoming Penny Stocks. None of the promoters were compensated. A total of 102 stock promotions for IDO Security can be found on stockpromoters.com.
The question for traders tonight is whether the stock can keep its momentum as the headlines begin to fade.
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