FreeSeas Inc. (FREE) up 150% Today does anybody know why? Don't get me wrong I have a few thousand shares however I do not really see any news to speak of that would case this kind of change.
Look at the chart of AXPW. That is what is likely to happen to FREE tomorrow morning. Again, this is not a prediction....predictors normally end up looking sheepish. Keep one finger on the mouse, and be ready to take your winnings when the intraday graph goes asymptotic.
This is one of those rare penny stocks that actually has significant daily volume and institutional interest. It's also trading well below book value. Pretty much any time I get a huge jump up into double or (occasionally) triple digits in a stock, I take some off the table - usually half or up to 90% on a more speculative low-priced micro cap in particular like this one. My best guesses would be that perhaps someone is looking at acquiring the company, or at least a large activist investor may have bought in. Or it could just be that they've got some big contract. There will probably be insider buying going on. There's a good chance it will come down off this high in the coming days, unless there is an announcement very soon of a buyout at an even higher price or something.
