PBIB - This is one of the hundred+ small bank stocks I bought in the gloomy days for them around 2010-2011. I didn't see any news either. I sold what I had this morning hoping to buy back when it retreats. They have a float of 1.38M according to yahoo, and they will be voting on a reverse split at the annual meeting next week.
From the proxy statement:
"A proposal to authorize our Board of Directors to effect, at its discretion no later than the 2016 Annual Meeting of Shareholders, a reverse stock split and to select a reverse stock split ratio of at least 1-for-2 and up to 1-for-10"
So it could end up with a really low float after the reverse. Maybe that has something to do with the mania this morning, or maybe it's just your run-of-the-mill stock manipulation. Nah, that never happens!
I have seen lots of $1 stocks with strong earnings and solid balance sheets triple, quadruple and more, but I have yet to see one go below zero.
