Stocks recording considerable gains despite there being no news are not an uncommon phenomenon in the markets and investors do not need to feel confounded about such events. This bring us to the subject of the rally in the Technical Communications Corporation (OTCMKTS:TCCO) stock on Wednesday.
There was no news about the company yesterday but the stock managed to clock gains of as much as 18%. As a matter of fact, there has been no new development about the company for many weeks now. It was back in early May that the company announced its financial results for the three and six month periods that ended on March 27, 2021.
In the quarter that ended on March 27, the company suffered a net loss to the tune of $329,000, which worked out to losses of $0.18 a share. In the same period, the company managed to generated revenues of $617,000.
In the prior year period, the company had suffered losses of $361,000, which worked out to $0.20 a share and that was against revenues of $723,000. Hence, although the revenues dropped on a year on year basis, Technical Communications Corporation managed to reduce its losses in the quarter to some degree.
Market Reaction:
On Wednesday, TCCO stock soared 18.20% to $3.70 with more than 129K shares, compared to its average volume of 4K shares. The stock has moved within a range of $3.2600 – 3.8600 after opening the trade at $3.49. Over the past 52-week, the stock has been trading within a range of $2.8000 – 13.6300.
 Stock Gains Momentum: How Far Can it Go?){kind=link}