This morning is a slow morning for stock traders as the S&P 500 is down 4 points in morning trading. There is a feeling that not much is happening, but something big has happened with shares of TPT Global Tech Inc. (OTCMKTS: TPTW) as they are up over 15% as stock traders head into noon. Take a look at the chart.
TPT Global Tech Inc. (OTCMKTS: TPTW) is a small cap company with a market cap of less than $61 million US dollars. Today the stock has done roughly 40 million shares of trading to get the attention of traders that use computer scan software, but as you can see from the chart the stock has been on a steady rise now for the past week. The company itself according to its website “is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides Technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for U.S. businesses over its private IP MPLS fiber and wireless network. TPT’s cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today’s global technology markets.”
A few weeks ago the CEO announced that he was going to pivot the company into the medical field to take advantage of developments in that space and the interest it is attracting from traders. It specifically announced that it was getting into the Covid-testing arena. On a podcast in June CEO Stephen Thomas said “What we’ve done is we’ve taken that manufacturing facility and we’ve converted it with the ability to manufacture the mobile COVID-19 testing facility. “Not only will we be able to test for COVID-19, but we’ll be able to test for other types of situations as well, including vitamin deficiencies and influenza,” Thomas continued.
The stock action and news like this is driving a frenzy among traders on Twitter as you can see from this sample of tweets.
$TPTW DO WE SEE $.10 cents tomorrow?— scottbur (@scottbur3) August 6, 2020
I will pick $TPTW because CEO said $1.00 target without RS.— SwordTrading (@SwordTrading) August 6, 2020
$TPTW in at 0.07215 out at 0.0854 for $1119 profit taking single and not aiming for a home run. Even though it ran higher I sticked to my plan taking the meat of the move using @timothysykes strategy! pic.twitter.com/VY27hYXeHS— Max Jensen (@maxjensendk) August 6, 2020
Here at WallStreetWindow we often take note of small cap situations. No one associated with this website has a position in TPTW, but we do in other emerging small cap stocks. We also send out an email trading alert every morning with a list of the top headlines impacting the markets you need to know before the opening bell and trade updates. Get on this free list by clicking here to subscribe.