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SOURCE AMG Global Advisors Ltd
LONDON, May 14, 2014 /PRNewswire/ --
After reporting better than expected first quarter results of $5.3 billion at the back end of last week the stock price in Fannie Mae (FNMA) has been creeping up to levels we have not seen since March when the stock hit a yearly high of $6.35. Shares closed higher by 7.78% in a very active day for Fannie Mae which was the heaviest traded stock in the OTC markets by some distance.
Shares in Fannie Mae traded more than $200 million to close trading on Tuesday and considering no major news was released by the firm we would not be surprised to see follow through in trading today when the markets open on Wall Street.
Technically speaking the shares looked very strong into the close with volume around 10 times higher than the previous day, and the closing price coming very close to the high of the day in the stock. This was unusual volume even for Fannie Mae and in the past when we have seen big share blocks coming into the market it is normally the start of a move higher.
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In other trading news from the OTC markets shares in mCig, Inc. (MCIG) and their subsidiary VitaCig announced an implementation of a new testing system ahead of what should be new FDA proposals. The best-in class testing, quality control, and chain of custody standards within the VitaCig manufacturing process should allow them to reach their next goal in the process as shares continue to hold up.
Shares in mCig (MCIG) closed higher again today by 2.47% as investors look for the stock to climb back to the recent high of $0.90. To see our latest report on mCig (MCIG) and receive our latest picks please click here.
Sticking with the same sector shares of MedBox, Inc. (MDBX) closed down lower on the day by 3.82% after trading higher earlier in the session. Medbox has been on many traders watch list over the last few months with the shares climbing past $90.00 at the high point in January. This could be one of the few stocks in this space that has staying power especially after the company recently updated their record keeping procedure as part of becoming a more sophisticated and mature firm. Dr. Bruce Bedrick, CEO of Medbox, commented, "We are proud to be part of the S&P Capital IQ program. We look forward to our Company being much more visible to the institutional investment community."
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