Tuesday, January 22, 2019 1:35:30 PM- Nigerian Stock Exchange.



  5 Hilarious Stories Of Stock Prices Driven By Foolishness

      

  1. Nintendo Goes Up And Down with Pokemon GO

For those of you who have been living in cave, Pokemon GO is a branch of the farcically popular Pokemon franchise. Pokemon GO conquered the world and Nintendo's stock surged into the mesosphere. Their stock price grew by 50% obtaining over a billion dollars a day, which was about $10 billion in less than a week, and the pile of money might have hit Mars if not for one small problem; Pokemon GO wasn't really made by Nintendo. And so, Nintendo had to go out and tell everyone that Pokemon GO is actually made by a different company, but by then People had already bought 10-figure sums of shares. It's made by The Pokemon Company and Niantic, both of which are shown every time you start the game. Nintendo has only a 32 percent share in the whole thing and had already accounted for any possible profits in their earlier projections.


The stock prices plunged by more than 30% after people found out the news which they could have “discovered” anyway by a simple Google search or a play-through of the first two seconds of the game. But people with long memories will notice this fall was less than the rise. A global stampede chasing imaginary cellphone pets into the wrong company shifted a company's worth by $10 billion and, after realizing the blunder, the stock markets said, "Eh, keep half! .”

Remember that the next time you go hungry over student debt.


2.   Stock Surge Gangnam Style


In October 2012, a South Korean semiconductor-testing device manufacturer DI Corporation's shares surged over 800 percent. what do you think could have been the reason? Had they developed a new smartphone to communicate with the dead? Had they invented a gadget that kills cancer cells every time someone clicks on Beyonce’s music video? No, the real answer is that this factory that makes actual things saw its stock price octuple because its chairman and lead shareholder is the father of PSY (Park Jae-Sang), singer of "Gangnam Style," who also owns shares.


What is even more insane is that, the stock price has wobbled like crazy ever since, but it's never gone back down to the previous level. A completely unrelated company has enjoyed years of trading at a minimum of double its old value because of a pop song that is 30 percent "Heeeeeey ... sexy ladies!" They could have built an entire second factory, quadrupled their production, and still not been sure of the same increase. I mean, yes, DI Corporation already sounds like an amazing cyberpunk show where corporations legally count as people and there's one future cop that doesn't play by the rules. The next time someone says YouTube views don't matter, hug them and weep a single tear for them.


3.  What is there in a name?


A company called Nest Labs is basically Skynet for the home. They manufacture self-learning smoke detectors, carbon monoxide detectors, and security systems, and they were recently given thermostat control. Also, they're Wi-Fi-enabled and absolutely drenching in your personal data. This may be why Google scooped Riche rich’s money to dump all over them . Nest Labs was bought for $3.2 billion by Google and people ended up buying so many shares that it soared to 1900 percent of its original value. The irony? Nest Labs isn't listed on the stock market as NEST. Nest Labs isn't even listed on the stock market, because it's a private company.


NEST is actually Nestor Inc., a company that used to make traffic enforcement systems for state agencies, emphasis on “used to”.The company went bankrupt and sold all their assets five years before this ludicrous stock surge. This wasn't the first time something like this had happened. Funnily enough this has happened before with NEST, when Nest Labs released smoke alarms and the NEST stock skyrocketed by 10,000 percent. Nevertheless over 5 million shares were traded. 


4.  The Million-Dollar Typo


In 2005, Mizuho Securities wanted to sell a single share in J-Com at 610,000 yen (about $5,000), instead they accidentally dumped 610,000 shares at 1 yen each. Mizuho immediately tried really heard to undo the order but the Tokyo Stock Exchange vehemently refused. Even though it was 41 times the shares J-Com really had. If you try to type 5,000 characters into a tweet, the program will stop you, because your dogs' latest pictures have better computer safeguards than the Tokyo Stock Exchange.


Their adamance on letting the mistake stand caused Mizuho Securities to lose $345 million off their value and sent a shockwave through the rest of the market. Finally, The president of the Tokyo Stock Exchange was compelled to resign after he refused to hit Ctrl-Z . Capitalism showed its true form that time, when other brokerage houses showed unanimity by exploiting the mistake, and making millions of dollars out of it. Remember this the next time you are kicking yourself over a twitter typo


5. The 6-Billion-Dollar Mistake


One social media story really blew out of proportion for almost nothing. CYNK Technology, a company which was cryptically sent to you by The Riddler, suddenly grew 25,000 percent by value rising to over $6 billion in value, despite not existing. The company’s Securities and Exchange Commission filling reads like a fairytale story made up of magic spells, but the worst part is that it worked! CYNK Technology was originally Introbizz.com, based on the idea of charging to introduce people to each other which is ironically the exact opposite of every successful social-media website. The company had a lot of thrill. but no assets, revenue, employees or anything actually. It was just an illusion that increased form 6 cents a share to more than $ 20 before crashing. Two of the nine people involved in this deception, pleaded guilty after extracting about a quarter of a billion dollars from this and 40 other firms.

BY ANKITA MARKANDA



Readers's Opinion(0)
 

If you would like to post comments! Please log in.

Advertisement

TOp 5 Gainers

0.67
9.84%
4.8
9.09%
4.8
9.09%
0.29
7.41%
0.65
3.17%

TOp 5 Losers

0.22
-8.33%
25
-7.06%
0.26
-3.70%
3.85
-3.51%
185
-2.63%
Related Articles