Investors are almost always on the lookout for stocks which show strong momentum to go along with handsome gains and by that token, it is perhaps time to take a closer look at the Universal Media Group Inc (OTCMKTS:UMGP) stock.
There was no news about the company yesterday but the Universal Media Group stock still emerged as one of the major gainers as it soared by as much as 54%. However, in this situation, it could be a good move to take a look at an announcement from the company back on July 9.
At the time, the company sent out a press release in which it revealed that it was going to be responsible for producing as many as four new music documentaries. The documentaries in question are going to be based on Michael Jackson, The Stray Cats, The Rolling Stones and The Who.
As a matter of fact, the company called the documentaries ‘sensational’ in its press release. It is a major new development for the company since all those subjects are close to the hearts of millions of music fans all over the world. Investors could do well to keep an eye on any fresh news about Universal Media Group in the coming days.
Market Reaction:
On Wednesday, UMGP stock soared 55% at $1.30 with more than 138k shares, compared to its average volume of 56k shares. The stock had moved within a range of $0.3269 – 1.5000 after opening the trade at $0.82. Over the past 52-week, the stock has been trading within a range of $0.0800 – 1.5000.
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