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'General Grievous' Yeah tried that friday, I guess the only way to get anything done is to ask for the manager. Not only are the people lazy and transfer you around, but they couldn't care less about maybe suggesting to managment something their customers keep asking for.
Couple of spongetech news articles posted today,
2nd paragraph
http://money.cnn.com/news/newsfeeds/articles/marketwire/0512571.htm
2nd paragraph.
http://triangle.bizjournals.com/triangle/othercities/boston/stories/2009/06/22/daily6.html
'REALtime64' Several times, also used to email costco and had my grandmother request they carry spongetech. Someone suggested going to walmart and other big retailers and searching for spongetech, I guess they record searchs for demand for products they don't carry. I try to do it about twice a day, from work and home.
I actually got the same response from walmart as one of the replies, so I started trying to call each walmart asking. That lasted for 2 calls, the people who work their couldn't care less. I guess it would be wise to speak with a manager, maybe i'll try that again.
Spongelover, that LFBG chart looks very simlar to SPNG. Slow walk down, then 1 wave up, reaction, another wave up, reaction, then kaboom. Where we differ is our current sell off from .28, however I think with what we can all expect as good news around the corner, we could see something like that very soon. 1000% off our high of .28 would take us to 2.80 Nice find.
Chart looks just like june 2nd, we took off an hour earlier back on the second, but those 2 red little daily bars look identical to our prior two days. Go back and look at the interday chart, looks great.
Love the idea, call your dealerships near by and suggest it. Although when your spending thousands on a car, whats a $20 worth of sponge really matter? Again, love the idea of getting the name out there, any idea like this has big potential for getting spongtechs name out htere.
Sonystyle, taking your car to the wash is a luxury. You think all the people that just laid off in this economy are still going to the car wash? Maybe, but probably not for long. Besides, for the price of buying soap, and dealing with buckets and brushes, this is a much better value and time saver.
I look forward to the kitchen products, my sponges get disgusting after 5 uses. I can't imagine how fantastic a sponge would do for the kitchen that doesn't collect bacteria, soon this will be the standard.
nonsense, I personally am going to purchase these kits for all my friends to give to their fathers. Everytime I walk into a store and see a spongetech product I buy it, and while in line rave about how great they are. I urge other longs to do the same.
Oh, and I'm going to make sure they kids are the ones that do the washing.
'Jandrsn21', talked to IB a month ago, they are who I use, and I called being concerned about them having short exposure. I could give a rats tush about them, I was just worried that they wouldn't be able to make good on my shares when I squeeze every last penny out of the short scum. They said they only lend out what they have, so basically the increase in available shares to short from monday is actually a result of IB customers buying more shares. Can't wait till the naked shorts get what they've got coming to them, think about how many companys and lives they've ruined. Its gonna be sweet.
I posted about this a week ago just before our last two big up days, got a very similar feeling today, like someone was buying but trying to stay below the radar. Also, look at the two red little bars at the end of may just before we started our last leg higher. Look very similar.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38555109
hahaha, i think about that every day, I think rdaleys done it better and taken a vacation, I would to but I refuse to sell any spng, where almost all my money is.
Good post, should put a link to this in ibox.
phrantic, Jandrsn, oldtymer, wadirum1, xdrewx, Jim54, Z4. and anyone else who actually provides good incite, if you could PM me your email that would be great I've got a good idea.
I used to enjoy reading what people had to say on IHUB but now its just turned into alot of dumb questions, bashing, and people arguing about issues that I thought were settled months ago.
HEY BIG SHOT! THE SECOND TO LAST THING I WANNA SEE BESIDES THIS THING DOWN 15 PERCENT IS YOU TRYING TO CALL THE CLOSE, YOU WERE WAY OFF YESTERDAY SO JUST STOP, YOU HAVE NO IDEA WHAT YOUR TALKING ABOUT.
xDrew, I just did the math and for the float to be reduced by that, it would mean, assuming OS didn't change, that the insiders bought the difference, and they would now own 54%, up from around 51%. Actually it says on yahoo they own 50.21%, either way looks like insiders bought more. Good sign.
Also, didn't a while back either yahoo or reuters post the YOY growth in sales before we actually saw any fillings? it was like 10,000%, remember this? Maybe these guys get the info and are supposed to wait to release it, but don't.
I use the IHUB one, so I guess advfn
SPNG now has institutional holders, has it always been like this on reuters? Also remember a week or so ago someone suggested we watch for institutional holdings to change? Now he posted links to nasdaq website, which still says no information available, but on reuters it says 41m shares are institutional owned, has this always been like this?
Also,
SPNG traded in Germany? Since when did Spongetech start trading in germany? Looks like end of may, but why? On google finance it says 0 for shares? Also new to the spongetech website is the "German Investor Relations", what is this all about? Did i miss something or is this all new news?
NITE is still .195 bid on Level 2, I also noticed their closest offer is at .25. Hopefully this means the squeeze is on.
Reuters link,
http://www.reuters.com/finance/stocks/institutionalHolders?symbol=SPNG.OB
Google finance link,
http://www.google.com/finance?q=etr%3Akbt
xDREWx, no problemo. Still .195 bid. Finding this really really interseting, has anyone ever seen anything like this before out of NITE? Usually i'll see a MM offer below the bid afterhours, but never have I seen a bid above the closing price, and even 30% of best offer, AND OUT OF NITE NO LESS. WOW, maybe they know something before us and the squeeze is on.
COME GET ME SHORTY! $10!
NITE .195 bid on level 2 AFTER HOURS!!! never seen that before! This could be good!
Anyone else use interactive brokers and not getting chart data? Happened friday right before the massive sell off, I wonder if nite provides the data and doesn't want any chart watchers to pick out their buy levels?
Also does anyone else get a good feeling when you see MM ETMM with an offer at $100.147?
Bayou Man, sorry went to bed last night before you asked. Here is the article. Can also be found by googleing spongetech, then search by date, then its about 10 down. Got a nice picture of sponebob too.
June 14, 2009 5:59 AM
A sponge-worthy stock?
Share Print Email Add a comment By Aaron Elstein [+] Filed Under : In the Markets
Here's a sign that investors are regaining their taste for risk: They are going ga-ga over an unlisted stock in a Manhattan company that handles—no kidding—sponges.
SpongeTech Delivery Systems Inc.'s specialties include marketing SpongeBob SquarePants sponges. Its shares soared to 28 cents Friday from less than a nickel earlier in the month, before closing at 17 cents. That means the company, which according to Standard & Poor's employs just five people, has a market value of more than $120 million.
Last week, SpongeTech said gross revenues for the fiscal year that ended May 31 exceeded $50 million and pretax profits were about $10 million—both about 10 times as high as last year's figures. A month ago, the company said it had met “most” requirements to get its stock listed on Nasdaq.
“Talk about SPNG oon [sic] da NASDAQ!!!!! on TV!!” screamed one ebullient fan on a Yahoo message board last week. “We rich!!”
Take a deep breath, people. Revenues might be growing fast, but a recent regulatory filing shows accounts receivables of $14 million as of Feb. 28, way up from $4 million on May 31, 2008. SpongeTech says in the filing that it fully expects to get all its owed, but such a large jump in receivables is a red flag. Collecting could also be difficult, as two-thirds of receivables are owed by overseas customers, according to the company.
And SpongeTech has some distance to go before it's ready for Nasdaq. The exchange requires that companies initially list with a minimum share price of $4.
i've got pretty solid support at .10.
SPNG in crains new york, not a greatly bullish article but I welcome the press, especially in that publication. Anyone with a brain can go through a few PR's and see enough 5m a week sales numbers to concluded the stocks fair value should be around $1.
5m x 52 weeks= 252m
20percent profit margin= 50m annual net income
15x pe ratio= 750m market cap fair value
/722 million shares and thats over a dollar in fair value.
They even mention plans for Nasdaq in article. Can't wait for this week, ever day that goes by is another day closer till the shorts get their faces ripped off once and for all.
http://www.crainsnewyork.com/article/20090614/SUB/906139995
OBI ONE, here are some good sec links to the mafia's involvment in the OTCBB, great stuff. I can't wait till sponge blows these guys out once and for all. Stuff sounds just like whats going on in SPNG.
http://www.billgroover.com/rico/rico.pdf
http://www.billgroover.com/rico/1ac.pdf
http://www.billgroover.com/rico/1ac2.pdf
Spongebob2010, relax, what happened today was a very well planned attempt by the shorts to shake out the weak longs and try to cover some of their shorts. Whether or not they actually covered a significant portion is anyones guess, maybe, maybe not. It took alot of selling on their part to get the ball rolling right after they spread the false rumors, although there was also alot of buying by the strong hands on the way down. We retraced 50% of the break and only gave back about one day of gains, I would argue the bears didn't win friday because of they're inability to close us near the lows.
Keep up the good work with the promotion, I'm on the same page, bought many sponges from several different retailers and don't even own a car. Give them to family and friends and they've said nothing but good things about the product. I've emailed walmart, cosco, and many other retailers demanding they carry spongetech because of the hassle I indure having to an extra stop.
Typically in markets it never hurts to shake out the weak hands, its actually usually healthy. So don't get angry with the little guys. I think we should have a good week next week, and maybe its going to be all the small guys that got shaken out today who impulsivly sold, that will impulsivly buy when we are towards the highs of the range, which will work in our favor and push us through to new highs.
I advised smaller new traders to turn of their screens and not get caught up in the trading action, 90% of traders fail for a reason. If trading was easy everyone would be a millionaire, its not, and trying to read the market is very difficult. The best approach for anyone interested in spongetech would to be buy and hold, not even looking at the price action because days like this will scare you into puking, most likely at the low tick.
Anyways good luck to you, good post, and $1 is for starters. read some of my previous posts and you'll see my case for why we could very well see $20+ in this stock.
IMO
OBI ONE, please please don't short it, I'll loose everything. HAHAHAH, you guys are too funny. Do you work for the mafia shorts or the european shorts?
z4lover, here is a post from a guy bidding 2 cents above ask and not getting filled,
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38673600
Maybe they reduced it, maybe they increased it, but I'd bet alot of money that they didn't shake the big boys out, and the big boys are the ones who control most the float and more. There will still be a short squeeze, without a doubt.
imo
THEMONEYMANRL, CALL SEC, You may be able to get a class action lawsuit against these guys, your not the only one who had this problem. The MM's didn't want your bids, they drove this thing down in an attempt to get little guys to puke, trigger stop losses, and cover a good amount of their shorts.
The OTCBB is such a dirty business. Look how they put these settlement prices in at .14 when it was clearly bid at .17 on close.
Anyone want some good links for the weekend read about the mafia's involvment in the OTC. These are links to SEC documents. I'd bet half my spng shares these guys are involved in our stock.
IMO
http://www.billgroover.com/rico/rico.pdf
http://www.billgroover.com/rico/1ac.pdf
http://www.billgroover.com/rico/1ac2.pdf
z4lover, that can't possibly explain what happen. When market makers are offering and trading through peoples bids, who arn't getting filled, its clear this was manipulation. The sec needs to get involved or spng's managment should pull the trigger and end these shorts. I can't imagine how many people got stoped out.
Phrantic: CALL THE SEC, REPORT THIS. They were offering this down triggering stops and people to puke to them, then they didn't honor any buys because they are already short tons. There job as a market maker is just that, to make a market. They manipulated this market plan and simple, its outragous they were not filling bids.
Management needs to pull the trigger already, what the shorts are doing to us shareholders is horrific. They need to do anything to start the squeeze.
I'm guessing the firms like etrade and TD who probably have huge exposure to the short position cheered what happened. The fact they were trading through peoples bids is incredible. CALL SEC GUYS!!!
skystockhound, they don't want your buys, the market makers are not taking them, its clear this is nothing but an attempt to drive the price down, trigger stops and buy whatever people will give them. They are screwed and this is a huge move on their part to try to save themselves.
If you can't get fills, bid way through the market, if you still arn't getting fills, make sure you write down times, the MM's on offer, and call the SEC right after the close. This has to be investagated, what they are doing is illegal not excepting buy orders, and trading through your bid.
They are so screwed its not even funny. Look how many people complaining about not getting fills. My IB charts are not updating, people are saying TD is down. I wouldn't be suprised if the people who have TD got liquidated, these people are crooks and alot of firms are going to lose alot of money, wouldn't put it past them to pull any tricks.
Jaxstraw, they probably saved a good amount of money by shaking out the weak hands. Notice how many people complaning they couldn't buy down there, MM's probably not filling buys.
SO not only did they get alot of longs to puke to them, they also didn't add any shorts on way up.
People who didn't get fills should call SEC and report this, people should go to jail.
bid .21 cents and you'll get filled. MM's don't want anymore longs probably not excepting your order, you've bid through, i'd try before we start to rally
911 is a warning, just like 666 low in spooze back in march. we roar from here
1911= 911 Watchout shorty coming right back!
Yeah I agree with caution, there is no reason to worry about $1. Think about it, this is a manipulated stock, if it weren't manipulated I would have to agree with the level $1, but spongetech is in the process of making a massive correction back to realistic levels. Levels soon won't matter.
When the shorts start to puke, levels like .99 arn't going to mean anything. They'll need to get the shorts covered and few are going to be playing this from the short side. Thus liqudity on the offer is going to dry up BIG TIME, and when that happens why provide them any? Make the short scum pay, think about how many companies the short scum have ruined by driving their stock price to 0? These guys have ruined lives and now its their turn to get theirs.
Richwaters: Comes back to fair value, which I saw is around $1, but could be much higher if they retire shares and come out with more products, or enough investors deem its pe should be higher than 15. I think the risk of not getting out over a $1 is that, it goes back to fair value, $1. So no reason to sell then. Make these guys pay, i'm scaling out but don't see why $20+ is not possible.
huggarags, no way do I think the primary shorts are covering. If they are short 1b+ naked shorts you'll know when its happening, right now I think this is just bigger investors as carpe has suggested, getting into the market. The funny thing is, is that to hold back the buying I think the shorts are actually digging their grave deeper and selling more.
When the shorts start to cover you'll see the price of this stock doubleing daily, I think there will be very little at the offer on L2 and an extremely wide market when they start to puke, because I'm guessing the MM's are not going to be offering shares unless its for people getting out.
YOu'll know when it happens, they at that point won't care about price, the margin clerks just want to get the orders done. It'll be alot of fun, I suggest you have your offers working way up there, 5+
IMO