CYNK GOES RED

Sinking containter cargo shipREUTERS/Svitzer/HandoutThe 47,230 tonne Liberian-flagged Rena lists, about 12 nautical miles (22 km) from Tauranga, on the east coast of New Zealand’s North Island October 15, 2011, more than a week after it struck the Astrolabe Reef.

Shares of CYNK Technology, a $US5 billion company that has no revenue and one employee, have gone negative and are down 16%.

Earlier in the day, the stock was up as much as 30%.

And over the last month, the stock rose more 25,000%, going from $US0.10 to more than $US21 earlier today in just a handful of trading days.

And according to a Tweet from StreetInsider, regulators are looking into shares of CNYK.

Here’s a chart of the last three days of trading in CYNK.

Despite the company’s meteoric rise over the last few days, there haven’t been a ton of shares changing hands.

According to Google Finance, just 245,000 of the 291 million outstanding shares have traded hands today, so it remains to be seen how traders who big the stock up will get out of their positions as the price falls.

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