Stocks are down broadly so far during Wednesdays treading session, in keeping with their behavior this week. The losses are broad-based, with no sector dramatically leading or bucking the overall trend.
Today, our Top Performer is a long play which has managed to achieve 63% same day gains amidst the broader market headwinds. This gold mining stock exploded after progressing in its move to an entirely different business model: a consumer-facing app.
Capital-rich firms seeking to turnaround declining assets, like mining stocks moving into new sectors, have featured prominently in our Top Performer reports in recent weeks. A new business model can cause the market to completely reevaluate the value of a given stock.
GMUI was traditionally a gold mining stock, as one might guess from the name. The firm is in the middle of a complete pivot, however. They are already operating as Vita Mobile Systems, and will legally change their name in the near future.
The new Vita enterprise will be focused on a new geolocation app, also called VITA.
VITA will combine geolocation technology with AI and streaming video to enable users to see what’s happening, either near them or anywhere around the globe. VITA will enable users to remain anonymous, hoping to enable geo-centric sharing that doesn’t necessarily revolve around social networking.
The new product is in a final testing phase, with engineers prepopulating geographic locations and fine tuning algorithms. A final release date has not yet been announced.
GMUI’s share price has been quite low for some time, and investors piled into the stock on the hopes of finding new life in the old gold mining stock. With 60% same day profits for NQ users who bought the stock on our initial alert, these hopes don’t appear unfounded.
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