The first few hours of trading for online marketing company Engage Technologies (Nasdaq: ENGA) on Tuesday were calm. There was no news released to move the stock, and it looked like it would just be a typical day of trading for Engage at that point. By the end of the day, however, Engage stock closed at an all-time high after gaining 13-11/16 to 51-1/4, a climb of nearly 36.5 percent
What makes this dramatic climb a bit curious is Engage did not announce any news on Wednesday, and there were no reports on Engage released by any investment banks. The stock just started climbing and just kept on rising. What happened? Well, part of the gain is probably due to the fact that controversial daytrading guru Tokyo Joe, who has touted the stock before, talked up Engage on Wednesday. In addition, financial information site Wallstreethero.com noted that it bought into Engage during the day.
It seems pretty clear that a lot of the movement was due to day traders. Wednesday’s volume of 2.2 million shares traded was nearly five times the average daily volume of 468,000. Engage should be an interesting stock to watch the rest of the week.
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