SGOC - Why SGOCO Group Is Plummeting on Tuesday
For SGOCO Group (NASDAQ: SGOC) , it was the days after Independence Day when the fireworks were seen. From July 6 through July 12, shares soared more than 663%. Today, however, the Chinese conglomerate stock is coming back to earth. As of 11:31 a.m. EDT, the stock had fallen 42.6%. In addition to investors taking profits, the stock's decline is attributable to the attention that it received from a well-known analyst.
Unsurprisingly, SGOCO Group didn't report any news this morning. Instead, the stock's fall is reflective of its status as a meme stock. That means it's subject to extreme volatility. While shares raced nearly 200% higher yesterday , day traders are choosing to gather profits today and look for their next get-rich-quick opportunities.
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Why SGOCO Group Is Plummeting on Tuesday