It’s Monday, and the trading week has kicked off. With a bang? That’s debatable. While there are a number of stocks soaring, on no news at all, there are a few stocks that are plunging, despite announcing relatively positive news. An example of this is Cryptobloc Technologies Corp (CNSX:CRYP). This Vancouver-based company made an announcement today, and even though it wasn’t bad, the stock has plunged nearly 15% already.
What was the announcement, you ask? We got you covered! In this article, we’ll look at the news, and give an analysis of the CRYP stock.
Cryptobloc Technologies Corp | June 18, 2018
On Monday, Cryptobloc Technologies disclosed to the masses that it will now be working with JCN Capital Corp. Essentially, the Canadian company, which focuses on implementing blockchain and crypto, stated that it has engaged JCN Capital to lead a marketing awareness program. The program will respect Cryptobloc and is forecasted to last 3 months. In the program, there will be various services, such as SEO marketing and editorial write-ups.
This is good news for both organizations, which is why many are surprised to see the CRYP stock so deep in the red zone. First, Cryptobloc will benefit from JCN’s extensive experience with respect to marketing and investor relations. Vice versa, JCN Capital will also benefit as the B.C.-based company will be paying JCN for its engagement. Specifically, JCN Capital will be paid a cash fee, which will come to a total of $60,000.
The Stocks | Cryptobloc Technologies and JCN Capital
So, we know that this partnership is supposed to benefit the two companies, but the Canadian stock market is telling a different story. According to Google Finance, at 2:41 p.m. EDT, Cryptobloc Technologies was trading at $0.095. This means the stock was down 13.64% at the time, making it one of the CNSX top percent losers.
The Takeaway
What do you think of the latest news to come from Cryptobloc Technologies? Were you surprised to see the stock drop as much as it has? Let me know.
Featured Image: Twitter
