In a press release this morning, Robert Baker, President of Global Resource Energy (OTC: GBEN), relayed his pleasure over the company’s strategic positioning in the worldwide LED market. He said the company had positioned itself for growth and profitability as the world continues converting to LED lighting. A report last year projected revenues for the lighting market in 2020 to be around $138 billion. Concerns over climate change and energy conservation are driving the market toward more efficient technologies. By 2020, LED lighting is expected to account for 60% of the entire lighting market.
The news had traders buying and selling quicker than a four-year-old turning a light switch on and off. The stock gapped eight cents above Tuesday’s closing price on the first trade of the day to start the session at $0.31. The enthusiasm lasted about 20 minutes before sellers pulled the plug on the early morning rally. By the time traders decided on what to order for lunch, share prices had fallen to $0.13, or a decline of 55% from the opening trade. The afternoon saw little buying interest as the stock dipped to within a penny of its annual low of $0.10 set in December. Shares finished the trading session with a loss of 43% to close down 10 cents at $0.129. The 1 million shares traded today easily powered by the average daily volume of 117,000 shares.
Over the last year, shares of Global Resource Energy appear to go through periods of trading surges where the stock actively trades or it barely registers a print. On July 23, 2012, share prices hit a new annual high of $0.53 after the company announced plans to gather $1.5 million in funding for research programs connected to advanced catalyst technologies. Two days after hitting a fresh 52-week high, the stock declined by nearly 40%. Traders must decide whether today’s volatile session on high volume marks the bottom for share prices while speculating on the company’s future in the LED lighting market.
In other recent news, Global Resource Energy announced on August 14, 2012, its intent to sell a partial interest in the company’s North American distributor agreement for clean energy LED street lighting. A week earlier, the company released a statement concerning the development plans for the Mycroft Heat Energy Capture Fuel Cell (HEC).
Five promoters were out touting the stock today. Penny Stock Market Bulls said, “We are very confident that when you look into GBEN you will see the same huge upside potential as we do. In fact, the potential is so big here that we can’t stress enough that GBEN has to be on your trading screen come tomorrow.” The promoter received $30,000 to provide marketing services to Global Resource Energy. Jackpot Stock Picks reiterated the message saying, “One company that we came across that shows ENORMOUS potential is GBEN (Global Resource Energy, Inc.).” Jackpot Stock Picks listed no compensation. A total of 50 promotions can be viewed on Stockpromoters.com.
Global Resource Energy is a licensor and reseller of clean energy technologies, including wind and solar. The Las Vegas-based company was founded in 2008.
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