– Pure Madness: Revenueless, Assetless CYNK Soars Over $5Bn; Bigger Than GameStop, Cablevision, Jabil Circuit (Zerohedge, July 10, 2014):
Well that escalated quickly…CYNK Technologies – which we first exposed to the world here – has gone from dumb to dumber. “Traders” just bid CYNK at $18.50 $20.32 this morning (on less than 100,000 shares) meaning this asset-less, revenue-less shell of exuberance now has a market cap over $5.4 $5.9 billion.
This means our “price target”, purely on fundamentals of course, was hit in less than a few hours:
CYNK finding a second wind. Let’s do this: $5 billion market cap target
— zerohedge (@zerohedge) July 9, 2014
That leaves CYNK more “valuable” than all of the following companies…
Incidentally, owning 210 million shares, the CEO, and only employee, of CYNK, is now among the top 400 richest people on earth.
As a reminder, this idiocy is a glimpse of what the Fed’s central planning has done to the S&P 500.