https://markets.businessinsider.com...tock-98-percent-price-drop-2019-11-1028708885
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The marble-mining company ArtGo was on track to be the world's best-performing stock for firms worth than $1 billion. On Thursday morning, however, its shares tanked 98%, and the company saw $5.7 billion in market value wiped out before trading was suspended.
The Hong Kong-listed stock plummeted after MSCI dropped its plans to include ArtGo in its influential indexes, a development first reported by The Wall Street Journal.
The New York firm announced in early November that it was looking to add ArtGo to its China index. On Wednesday, MSCI said the company would no longer be added after "further analysis and feedback from market participants on investability," The Journal reported."
Thursday's plunge came one day after The Journal detailed ArtGo's 3,800% gain through the year.
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Recently, I've noticed the VIOLENCE and SPEED of stocks' decline in reaction to bad news are pretty extreme. Stocks can drop 45% in a matter of 30minutes. 98% is just pure insanity. I wonder if any retail investors could even get out in a situation like that since they were probably sitting pretty with several thousand percent return.
Imagine you are the average Chinese investor and you are up 3800% or maybe 1000% up depending where you got in. Feeling pretty good then one morning it's all gone.
And it's gone.
"
The marble-mining company ArtGo was on track to be the world's best-performing stock for firms worth than $1 billion. On Thursday morning, however, its shares tanked 98%, and the company saw $5.7 billion in market value wiped out before trading was suspended.
The Hong Kong-listed stock plummeted after MSCI dropped its plans to include ArtGo in its influential indexes, a development first reported by The Wall Street Journal.
The New York firm announced in early November that it was looking to add ArtGo to its China index. On Wednesday, MSCI said the company would no longer be added after "further analysis and feedback from market participants on investability," The Journal reported."
Thursday's plunge came one day after The Journal detailed ArtGo's 3,800% gain through the year.
============================================
Recently, I've noticed the VIOLENCE and SPEED of stocks' decline in reaction to bad news are pretty extreme. Stocks can drop 45% in a matter of 30minutes. 98% is just pure insanity. I wonder if any retail investors could even get out in a situation like that since they were probably sitting pretty with several thousand percent return.
Imagine you are the average Chinese investor and you are up 3800% or maybe 1000% up depending where you got in. Feeling pretty good then one morning it's all gone.
And it's gone.
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