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Tiny Oil Stock Sinks Day After Almost 1,000% Reddit-Fueled Rally


U.S. Driller That Produces 70 Barrels a Day Soared Nearly 1,000%
Bloomberg
1/29/2021
Michael Tobin
(Bloomberg) An obscure company that employs five people and appears to produce negligible amounts of oil and natural gas from some wells in Appalachia slumped Friday, one day after soaring almost 1,000% in the latest Reddit-fueled day-trading craze.
New Concept Energy Inc. dropped as much as 54%, triggering circuit breakers. The Dallas-based company was the focus of a trading frenzy Thursday after mentions by retail traders on the WallStreetBets forum on Reddit, just as brokerages including Robinhood Markets clamped down on trading in other shares such as GameStop Corp. after some of the wildest stock swings the markets have seen in recent years. ....

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Dallas oil company's stock slumps today, a day after Reddit-fueled 1,000% surge


Dallas oil company’s stock slumps today, a day after Reddit-fueled 1,000% surge
New Concept Energy’s shares fell more than 50% in morning trading Friday.
Filings show New Concept Energy produces a mere 70 barrels of oil equivalent a day.(KAREN BLEIER / AFP/Getty Images)
An obscure company that employs five people and appears to produce negligible amounts of oil and natural gas from some wells in Appalachia slumped Friday, one day after soaring almost 1,000% in the latest Reddit-fueled day-trading craze.
New Concept Energy Inc. dropped nearly 56% by the market close to end at $11.11. The Dallas-based company was the focus of a trading frenzy Thursday after mentions by retail traders on the WallStreetBets forum on Reddit, just as brokerages including Robinhood Markets clamped down on trading in other shares such as GameStop Corp. after some of the wildest stock swings the markets have seen in recent years. ....

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