Why These Stocks Tumbled On Wednesday

Another big loser on Wednesday is Inventergy Global Inc (NASDAQ:INVT), whose stock has declined by more than 10% following a surge of 58.82% on Tuesday. Yesterday’s growth was suggested to be a part of a paid promotion pump, according to Twitter user Michael Goode. Most paid promotions end deep in the red and as anticipated, Inventergy Global Inc (NASDAQ:INVT) is already loosing some of the ground that it gained in the previous couple of days. Unlike the energy stocks mentioned above, Inventergy Global Inc (NASDAQ:INVT) is not particularly popular among hedge funds and only two of the firms that we track held long stakes in the nano cap intellectual property investment and licensing company at the end of the third quarter.

Finally, there’s Great Basin Scientific Inc (NASDAQ:GBSN), which was down by more than 8% on Wednesday afternoon, after losing another 16.55% in Tuesday trading. It seems like the decline was triggered by the announcement that the company would issue $22.1 million of senior convertible notes and associated common stock purchase warrants, which would generate gross aggregate proceeds of $18.4 million. The company stated the profits would be used to fund its ongoing operations. Great Basin Scientific Inc (NASDAQ:GBSN) is another nano cap that saw only three  funds from our database holding shares of the company as of the end of September.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.