MOP Environmental Solutions ($MOPN) Skyrockets after Designation as “Resource” to Assist in Cleaning Gulf Oil Spill
Shares of MOP Environmental Solutions (PINK: $MOPN) soared more than 150% in today’s morning trading. New Hampshire-based MOP promotes a patented product, MOP Maximum Oil Pick Up, which can clean up oil spills, while at the same time also recover the spilled material. The penny stock reached a high of $0.10 in today’s trading. At last check, it was up by 163.16% to $0.10, with volume up from daily average of 555,000 to 4.04 million.
The stock surged after the company received an endorsement from British Petroleum (ADR) (NYSE: $BP) and U.S. Coast Guard in cleaning up the Gulf of Mexico oil spill, which has threatened the environment with dangerous consequences. Both BP and the U.S. Coast Guard have designated the company as a “resource” to assist when needed for cleanup efforts. In the past week, the company has been working hard to respond to three separate “bid requests” for large orders of boom.
MOP is promoting itself diligently by saying that its patented product is the ultimate solution for protecting ecosystems along the coastline from hazardous oil spills. The company also claims that, unlike competitors, its solution is 100% biodegradable and 100% recycled. Charles Diamond, MOP’s president and CEO, has said that that its product outperforms every other sorbent, both on oil pick up per pound and cost per pound basis. He also said that the company’s product is the best solution for oil spills like the one in the Gulf of Mexico.
Though today’s endorsement is certainly good news for the company and the stock, the company has very little to show. There is no material information on the company. On its Web site, the company says that it plans to begin oil recovery and reclamation operations in the Caspian Sea.
The stock reached its 52-week high in today’s trading. Currently, shares are trading above their 200-day moving average. Although participating in the cleanup effort should give MOP some endorsement and boost the penny stock, the major concern is the lack of material information.
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