So this guy tweets that AFFY is no longer a company, which is untrue, and it sends the stock down from 1.60 to as low as 1.30. That was nearly a 20% swing. Is this legal on his part to be contaminating the news with untrue statements about AFFY?
He can probably say anything he wants. How do you define it is no longer a company? To me it is- he prob meant it loosely... He follows biotechs. I read his reports during the FDA eval of Arena...but it's tragic cause I bought in today at 1.61. This drug should not have been recalled. Any drug can cause allergic reactions usually after 2nd treatment. I hope on this move the drug will be introduced with new instructions. He works for some site which people READ, unfortunately.
A big part of the stock market is done by robots, they read news and sentences. Last week, the twitter account of the AP got hacked and someone wrote down that the White House was bombed,, in 1 minute the stock market lost like 10%.
Don't forget that a big part of this rally was an equally asinine article pumping Affy on Seeking Alpha that's author admitted he was long on the stock. Wonder if he sold today??? All of these so called analysts do the market an incredible disservice with 90% of their articles/information being nothing but bs speculation and random opinion from 30 somethings with no real business or financial experience. It is a joke, but works both ways. Affy benefited from it for 24 hours and then fell victim to it for 2 hours. That's the market.