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500.com up 27.9% after resuming trading

Apr. 07, 2015 11:28 AM ETBIT Mining Limited (BTCM) StockBTCMBy: Eric Jhonsa, SA News Editor3 Comments
  • After spending all of yesterday halted, beaten-down 500.com (NYSE:WBAI) has blasted off today. 4.48M shares have been traded thus far vs. a 3-month daily average of 1.85M.
  • On Friday, 500.com disclosed it's suspending all online lottery sales in response to a new government mandated aimed at cracking down on "unauthorized" sales. Yesterday afternoon, the company tried to reassure investors by stating it had enough cash to last 10 years (assuming no revenue), and that it's working with China's Sports Lottery Administration Center to create a management system sought by the Ministry of Finance.
  • Shares +51% from last Wednesday's close. 4.9M shares (nearly 1/4 of the float) were shorted as of March 13.

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