From my experience I don't think most people read the news. They'll see "WTWO Files Quarterly Earnings" and they'll get excited even if the earnings weren't good. Even news of bad earnings should be good enough for a short term spike which is good for the day trader.
I agree with what you say about doing your own DD, and I have done mine, but this is a game and to win you have to profit from lack of DD on the part of others. That report will come out and people won't do their DD and I'll make a quick 20%.
I wouldn't recommend holding this position long term but there are some decent profits to be made here every few days if you know how to ride the waves. For example, I bought today at 0.0029 and sold at 0.0034 for a 17% gain and I did it while the stock was down.