Green Innovations Ltd (OTC:GNIN) Taking a Post-Split Hit
Green Innovations Ltd ( OTC:GNIN ) chose to call it a dividend, but effectively it was a 1.24 for 1 forward split, and the market reaction is evident. GNIN opened with a gap down at $1.25. During the session it dropped as low as $1.10, but managed to recover slightly, and ultimately closed down just 8.40% at $1.20. A little over 2 million shares changed hands. One potential reason for the decline is that the people who got their split shares chose to take profit. Additionally, GNIN didn't issue fluff press releases every day. The more time people get to think without hype announcements clouding their judgement, the closer to reality they'll get. Dividend Seeker and the other newsletters paid to tout GNIN didn't mail yesterday. This may indicate one of two things. Either the pump is really over, or the news about the "dividend" wasn't worth mailing about. Either way, GNIN is in a precarious situation. Unless the company manages to prove it has what it takes to be a successful business venture, the descent may continue and there's no telling how low it can go.[BANNER] Alternatively, GNIN may follow a pattern similar to that of Echo Automotive, Inc. ( OTC:ECAU ). After the initial post-pump crash, ECAU managed to stabilize around the $1 mark for a while before resuming its descent.