When looking at the typical sector breakout, performance has been a mixed bag across all sectors today. The S&P 500 popped after it came close to the 100-day SMA early this morning, sending certain sectors off to the races while others seemed to tread water.
I wanted to point out a few outliers I found that actually were able to hold onto their gains as we are heading into the last hour of trading. For today, I’ll the securities that interest me lie within the Communications Sector.
In the News:
TPT Global Tech Inc. (OTCQB:TPTW) made headlines today as the San Diego-based company announced its qualification for a Series D Preferred Stock Regulation A+ offering. For those who aren’t familiar with this type of offering, it’s very similar to a Regulation Crowdfunding (Reg CF) offering except it’s on a much larger scale. Under this regulation, a company can raise up to $50 Million in a rolling 12-month period. The company plans to use these funds (in exchange for preferred stock at $5.00/share par value) to reduce debt and expand their 5G network plan throughout its TPT SpeedConnect Midwestern network, in addition to other uses as well.
Traders seemed to welcome this news as shares traded up to $.061/share at the high, an almost 8% gain from yesterday’s close. This move also confirmed support at the 10 and 50 day SMA if the current gains hold.
The last standout I wanted to touch on is ALR Technologies Inc. (OTCQB:ALRT). This has nothing to do with making headlines, but rather unusual trade activity. The company saw a pop of up to 20% DoD on roughly 665% of its usual volume, trading around 650,000 shares compared to the 50-day average of 97,000. This strong move in also confirming support in this security as well, as it’s now trading over its 10-day SMA during its three-month long uptrend.
Since today showed a wide range during trade, I figured pointing out a few outliers could potentially open up some opportunities to those looking for their next move.