Yesterday Vancouver’s Intrinsyc software issued a press release to confirm that there had been no material change to account for some recent unusual trading activity on its TSX listed shares. One week ago shares in Intrinsyc (TSX:ICS) were trading at 8 cents and they hit 24 cents on Tuesday, February 8th on volume of 25 million shares.
That’s a big deal when less than 400,000 shares trade hands on an average day.
Intrinsyc did issue a press release on February 8th stating that they will be demonstrating their latest hardware and software solutions at the 2011 Mobile World Congress in Barcelona, but that is hardly reason to flock to a stock.
For those of you unfamiliar with Intrinsyc, they provide hardware, software, and service solutions to help companies to build next-generation mobile and embedded products. As an example, one year ago they announced that they had powered Barnes & Noble’s Nook ereader and this past October they signed on to develop an Android tablet device.
Perhaps it’s Intrinsyc’s Android expertise and Android’s recent surge to become the world’s top smartphone platform that has so many people buying.
After all, the biggest beneficiaries of the growing demand for Google’s mobile operating system were the vendors themselves. Respectively, LG, Samsung, Acer, and HTC watched their sales volumes jump 4,127 percent, 1,474 percent, 709 percent, and 371 percent from the last quarter of 2009.