Shares of ZK International (NASDAQ: ZKIN) rose a dramatic 20% in the first hour of trading before the Chinese steelmaker's stock was halted because of elevated volatility. After a brief pause the stock cooled off a little bit, with the shares up roughly 15% or so at around 11:30 a.m. EDT. The story behind the story is that the company is making some interesting business moves.
ZK International is a steel company, which isn't the type of thing that garners much attention on Wall Street. However, its xSigma subsidiary is a completely different beast. This business unit is delving into the digital world with a platform for digital currency trading that will also support the trading of other digital products. It's even venturing into online gaming. These are hot spaces on Wall Street, and investors are quickly bidding up stocks related to what is still an emerging digital landscape.
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Why ZK International Stock Rocketed 20% in Early Trading Today