This morning we are seeing some buying in small caps with the Russell 2000 up in the green again, although the Nasdaq is acting very sloppy. It seems that the rotation out of tech and into more cyclical stocks is continuing this week. Meanwhile, on the US OTC exchanges shares of Tesoro Enterprises, Inc. (OTCMKTS: TSNP) are soaring up 25% already today on 148 million shares of volume on a trading float of 3 billion shares. Take a look at the chart.
What is driving the stock up today is the fact that it has a market cap of $72 million and the company released news today that it is retiring over $10 million worth of stock shares trading in the public markets. These are shares owned by CEO Brian Foote and is happening as part of a merger between Tesoro and HUMBL LLC. According to the press release:
Upon completion of the conversion, Tesoro’s issued and outstanding number of common shares will have been reduced by over 860 million shares since Mr. Foote became President of Tesoro.
The company does not anticipate that the number of common shares outstanding will increase during the remainder of 2020 and throughout 2021.
About HUMBL
The mission of HUMBL® and HUMBL Hubs™ is to deliver high quality, low cost digital payments and financial services. The HUMBL network was designed to disrupt entrenched regional banks, wire services and roadside finance providers in emerging markets such as Latin America, Caribbean, Asia and Africa to help reduce costs and improve settlement speeds for customers.
This is generating a lot of excitement on Twitter today.
Big $TSNP PR confirmed for 9:00 a.m. & then yet another one for Thursday. This will be the last time I will preannounce PRs, but presuming there will about two on most (maybe not all) weeks, usually Tuesdays & Thursdays is not unreasonable. So many developments in the hopper.
— George Sharp (@GeorgeASharp) November 16, 2020
I just want to say even though i bought in super late on $TSNP, that I am proud of all the DD and efforts people put in on the otc. I am also very happy for those that made fortunes and for those that will make a fortune. This isnt over by a long shot. Kudos to those that held.
— OCMillionaire (@OCMillionaire) November 18, 2020
$TSNP this is perhaps the most phenomenal opportunity to make money I have ever witnessed in the OTC. No kidding.
— magikalalpha (@magikalalpha) November 16, 2020
This is stock I do not own and am only watching. The same is the case for Mike Swanson, who is the head editor of this website. He did an update today on two stocks that he does own this morning. You can get on his free pre-market stock trading update alerts list by clicking here.
-Tim
