As if many of us needed any proof, the below report shows the low level of intelligence used by investors, purchasing a company that ‘sounds like’ a Google takeover target, but is actually not related at all.
When Google bought Nest (for its smart, intrusive thermostat technology that gives the NSA a front-row seat into the heating requirements of Americans), little did it know that it was purchasing an OTC penny stock with the ticker NEST and a market cap of a few hundred thousand. Or maybe, Google knew very well what it paid $3 billion for, and it was the increasingly prevalent idiots that make up the stock market that were confused. Either way,just like TWTRQ was TWTR for a few short days, so NEST (not to be confused with the GOOG acquisition target if even that is precisely what happened) is now the second coming of the unmitigated idiocy that defines the “market”
Meet Nestor (ticker symbol NEST) – a small company from Rhode Island that makes traffic systems – different to Nest – the thermostat-maker that Google just bought for $3.2 billion.NEST was up 4900% at its peak yesterday on massive volume.
One just has to laugh and yes, Jordan Belfort would be proud.