While it is true that the SPO Global Inc (OTCMKTS:SPOM) stock was in fact trading in a range on Wednesday, it should be noted that the company had been in the news yesterday and it may be a good idea to take a look into it. After all, the news could also prove to be a trigger for any move in the stock.
Trading Data
On Wednesday, SPOM stock fell 1.14% to $0.0173 with more than 4.94 million shares, compared to its average volume of 595K shares. The stock moved within a range of $0.0160 – 0.0210 after opening trade at $0.0177.
SPO Global Inc. Announces Strategic Cooperation Plan
On Wednesday, the company presented a strategic cooperation plan to the shareholders and although the market did not react to the news, it is a plan that could have long term effects on SPO Global as a company.
The strategic partnership in question is expected to be with Yinfeng Real Eastate Group and the Chairman of SPO Global, Lu Fengyou spoke about it yesterday as well. He stated that the company is looking to continue on the path of collaborating with Yinfeng Real Estate Group. He went on to state that he hoped that in the future the two companies could collaborate on the building of a comprehensive medical centre.
It was a major announcement for all intents and purposes. At this point, investors could keep an eye on how the whole thing progresses.
Key Quote
Mr. Sheng Dewei, Chairman of Yinfeng Real Estate Group, said: “We are excited to be deeply integrated with Shandong Gerpang Medical Group Co., Ltd to work on precise medicine and treatments. Together, we are aiming at the frontier of international medicine- to build a big health care industry, internationalization, a comprehensive medical center with high popularity and attraction in China, and jointly become the premier medical highland in the east of Jinan.”
Traders Corner
SPOM stock is above the 20-Day and 200-Day Moving averages of $0.0165 and $0.0163 respectively. The stock is trading in the neutral zone with the RSI at 53.
