Equity markets have kicked off the week on a disappointing note, with all three major indexes in the U.S. falling sharply. U.S. markets are tracking losses seen in Asia and Europe earlier today.
In the U.S., investors are cautious as several S&P 500 companies are scheduled to release earnings this week. Expectations ahead of the earnings season have been quite low so any positive surprises could boost stocks. Investors are also focusing on the developments in the oil market.
After major producers failed to reach an agreement on freezing production last week, there is not much hope for a deal anytime soon. However, Saudi Arabia, a major oil producer, will be watched closely today as it is set to announce a plan that would enable it to reduce its
reliance on oil.
While markets are struggling, there are some big movers. One major mover on the OTC market today is Pocket Games Inc. (OTCPK:PKGM). Based in Far Rockaway, New York, Pocket Games is engaged in the development and distribution of mobile sports games.
The company holds interests in Idol Hands, a personal computer (PC) game. Its subsidiary, GodSpeed Games Ltd., provides quality assurance and testing services across various platforms.
At last check, PKGM shares were trading 125% higher at $0.00180 on volume of 29.68 million, which is more than three times the daily average volume of 8.92 million.
PKGM shares are surging in trading today after the company announced that it has executed definitive agreements to acquire Kicksend Holdings Inc. in a transaction for stock and debt. The transaction has been unanimously approved by the Board of Directors of both the companies.
Kicksend is a provider of a photo printing and sharing solution to users across the world through iOS, Android and desktop applications. The company has partnerships with the likes of Walmart, Walgreens, Target, CVS and Duane Reade.
David Lovatt, CEO at Pocket Games, said that the company is excited to announce this acquisition, and is very excited about the current deal pipeline that will create long-term value for shareholders.
Lovatt further said that the company believes it can continue to build upon Kicksend’s already established install base, and potentially find other products and services to market to the active user base. He added that the company will be utilizing the dedicated resources of its India-based development team to further optimize and build upon the current code base.
