OT: June 24, 2004 (AXcess News/StockPatrol) CMKM Diamonds, Inc. (OTCBB: CMKX) is anything but a rare gem. In fact, its shares have been selling more like hotcakes than diamonds. Why have investors been buying billions of shares of this non-reporting Company? Should they be worried that this diamond is not forever?
The volume has been deafening, and a bit odd. On Tuesday June 22, 2004, investors traded 3,262,736,128 shares of CMKM Diamonds, Inc. (Pink Sheets: CMKX). It was a record trading day for the Company, but hardly the first time billions of shares of CMKM have changed hands.
Just one day earlier, on Monday, June 21, 2004 investors traded more than 2 billion shares of CMKM - 2,147,483,600 shares according to available reports. The previous trading day, June 18, 2004, CMKM reportedly traded exactly the same number of common shares - 2,147,483,600. On those two days, the second ranking Pink Sheet stocks, in terms of volume, traded just over 200,000 and 100,000 shares, respectively. That is quite a gap.
To make matters even more puzzling, the historical trading records available on the Investors Hub website indicate that CMKM also traded 2,147,483,600 shares on each of the following dates within the last month: May 25th, June 1st, June 4th, June 7th, June 9th, June 16th and June 17th. What are the chances of that happening? David Duval was a better bet to win the US Open.
As we discovered, that recurring number is more likely the product of technical limitations than coincidence. Trading volume of 2,147,483,600 shares a day is the optimum number that reporting systems can post in the historical records available online. But while that may explain the odd repetition, it also opens the possibility that daily trading was well in excess of 2,147,483,600 on those days.
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