Monday, April 9, 2007

DFNS is the Pick UPDATE!

I wanted to address something with the stock pick DFNS.

I purchased DFNS last Thursday April 5th in my IRA (1500 shares at .52) It was in the running for my top pick so I wanted to get in the stock. I do own other stocks as well for my IRA.

Anyway last Thursday the stock did over 300,000 in volume traded which is about 5x its normal trading volume for a day. What the reason was I don't know.

When I tried to buy my 8,000 shares this morning for the StockDoubling project I got a message from scottrade.....
"Buys are not allowed for this security. Please call your local branch to place the order."

So I had to call Scottrade in order to place my 8,000 share buy order. (Same commission rate) I just spoke with him again and he didn't show a reason on his screen why I had to call the local branch. I have heard from others though that their scottrade broker has said stuff like pump and dump promotion.

So whether that went happened on Thursday April 5th and that is the reason for the 300,000+ shares traded I am not sure.

Even for my order I had to call it in and that was BEFORE I even posted I owned the stock anywhere online.
However last Thursday for my IRA order I could do it online!

I don't know if other brokers did that or not I just use Scottrade. 300,000+ shares isn't a lot though overall. (They have roughly 29 million outstanding.) And it isn't like 300,000 hasn't been traded before they have actually traded over 280,000 shares 4 times this year. (Those other times did have news releases with them, this one did not)

I wanted to keep you abreast of what was going on and if you saw that message I wanted to let you know what it was about.

Currently the stock is up a bit from this morning so its off to a good start.
Happy trading.

Steve Hoven

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