Majesco Entertainment Co. (NASDAQ:COOL) registered staggering gains of over 100% in the past two trading sessions. The rally was triggered by an uncompensated newsletter issued on Monday morning at the opening bell (See HERE).
Soon, shares of NASDAQ:COOL went on to hit the day’s high (Monday) of $1.73 from an opening price of 1.24$. The rally continued today with shares of NASDAQ:COOL opening at 1.75$ and hitting a high of $2.37, adding another 35% to the opening price. More than 4.9M shares exchanged hands and stock managed to close at $1.61.
Majesco Entertainment Co. (NASDAQ:COOL) publishes games for various digital platforms consisting of Xbox Live Arcade and PlayStation Network; mobile platforms, such as the iOS and Android phones; and online platforms, including Facebook and Steam.
So why did the share prices surge? Apparently, we did not find any news released by the company. The last news released by NASDAQ:COOL was back on April 9th when the company had filed for its form 8K. The company sells its products primarily to large retail chains, specialty retail stores, video game rental outlets, and distributors. Majesco Entertainment Company (NASDAQ:COOL) was founded in 1998 and is based in Edison, New Jersey and with the recent surge in share prices, we would expect the company to put some press release to justify it.