3 Penny Stocks Making Big Moves

SEII shares are soaring on a new AI deal

Karee Venema
Jan 24, 2018 at 3:24 PM
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The U.S. stock market has retreated from the record highs it set earlier, as tech stocks slide. Among individual equities on the move are electronics manufacturing specialist Cemtrex Inc (NASDAQ:CETX), fabric dyeing firm Sharing Economy International Inc (NASDAQ:SEII), and semiconductor stock Sigma Designs Inc (NASDAQ:SIGM). Here's a quick look at how shares of CETX, SEII, and SIGM are trading today.

Cemtrex Stock Gaps Higher on Blockchain Buzz

Cemtrex stock was up nearly 27% at its intraday peak, after the tech firm said its has teamed up with Lucyd to develop augmented reality solutions for the blockchain-based smartglass manufacturer. While CETX has since pared its lead to 7.2% to trade at $3.02 -- with the earlier rally stalling at familiar resistance from the equity's 200-day moving average -- it's still on track for its highest close since late September.

SEII Stock Barrels Toward Oversold Territory

Studio Ltd, a subsidiary of Sharing Economy International, announced a partnership with Asiabots Ltd. to jointly create artificial intelligence (AI) and online to offline (O2O) technology. In reaction, SEII plunged 6.2% in early trading, but was last seen down 1.8% at $4.95. The shares are now on pace for a sixth straight loss -- its longest losing streak since May -- and have brought their year-to-date deficit to 34.4%.

Despite this steady selling, SEII shares have not yet reached oversold territory -- though they're quickly approaching. At last check, the stock's 14-day Relative Strength Index (RSI) was docked at 32.6.

Sigma Designs Stock Plunges After Silicon Labs Takeover Twist

Sigma Designs stock was down more than 17% earlier, after the company said it was only selling its Z-Wave technology business to Silicon Laboratories (SLAB) -- versus the latter's outright takeover of the former. More recently, SIGM shares were trading off 15% at $5.95.

After the initial buyout buzz sent the the security gapping higher in early December, SIGM had been stuck trading just below Silicon Labs $7.05 per share purchase price. The stock is on track for its lowest closing price since Dec. 7, and is now down 6.2% year-over-year.

 


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