Not too long ago, the Marketing Worldwide Corporation (OTCMKTS:MWWC) stock was in the middle of a strong rally and managed to record considerable gains. However, things changed quite dramatically on Thursday as the stock corrected sharply and declined by as much as 30%.
Last week the Marketing Worldwide stock had actually managed to clock gains of as much as 130%. The earlier rally in the stock may have been sparked by some of the corporate updates that had been provided by the company back on July 7. Marketing Worldwide announced that it had hosted a meeting which was attended by the majority shareholders and that same meeting, the shareholders elected a new leadership team.
While it true that the election of a new leadership was a major development for the company, it should be noted that the company had provided other key updates as well. Marketing Worldwide also announced that it switched its official transfer agent to Issuer Direct from Continental Stock Transfer. Such key development had possibly led to the remarkable rally in the stock last week. However, it seems that the momentum in the stock had a bit of a break on Thursday.
Market Reaction:
On Thursday, MWWC stock slumped 30% at $0.0066 with more than 188.83 million shares, compared to its average volume of 96.74 million shares. The stock had moved within a range of $0.0066 – 0.0108 after opening the trade at $0.0090. Over the past 52-week, the stock has been trading within a range of $0.0000 – 0.0212.
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