Chinese apparel manufacturer Ever-Glory (NASDAQ: EVK) swiftly jumps more than 140% in premarket as cheap stock with attractive EPS always lures long term whales who trade millions of shares overnight. Wednesday’s trade could allow EVK to warm up before triumphal blast off in the U.S stock exchange. It seems China’s apparel makers are patching up to focus on profitable segments first amid strong competition from neighboring countries like Bangladesh, India, Vietnam, and Thailand.
Rising over the $3.30 line isn’t enough to surpass the status of penny stock, therefore, jumping onto EVK’s bandwagon isn’t late yet. Further rise seems very obvious to any newbie while other penny stocks are soaring to pull as many whales (massive trading investors) as they can. For now, the stock grows weekly, unfortunately, it can’t be a long term investment according to the chart.
While the market is closed the stock is going to be very trending but gamblers will sell off all their shares after the market opens. Expecting 300% from EVK might be euphoric, let’s see what happens after a couple of hours.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.