Author: NoToJoe
Mail Address:
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April 1, 2011 (CFN Financial News)- The Corporation of the President
(dba The Church of Jesus Christ of Latter-Day Saints) launched its
first day of trading today under the symbol 'CULT' on the New York
Stock Exchange marking the first time ever that a US based religion
has gone public.
Early trading was mixed as the issue started the day at 36.26 but lost
steam in early trading losing 16 points in the first hour of light
trading. Analysts expressed concerns over the organization's business
model which some predict can't survive the loss of tax exempt status
and is projected to run losses into the foreseeable future.
Despite dire predictions, trading strengthened mid-morning as buying
in the Mountain Time zone accelerated and trading became more active.
Analyst LaVerl Smith from Zions bank, the only bank tracking the
stock, was extremely bullish on the offering "I know that this is the
only true stock and that by buying this stock I will receive returns
in the last days."
Institutional investors showed little interest in the company however,
activity from individual investors surprised some analysts. A large
number of small transactions served to boost the stock to 47.50 by mid
afternoon as Mutual fund companies such as Fidelity and TR Price
reported thousands of retirees liquidating their 401(k) accounts to
purchase the stock. Larinda Allred of Sandy Utah was one such investor
who cashed out both her 401(K) and her husband's life insurance policy
so that she could purchase 10,000 shares of CULT. "My Bishop told me
about this investment opportunity during a special interview at
church. I'm putting my life savings into this stock because after
talking with my bishop and praying about it I felt a very special
feeling. I know this stock is the only true stock on the face of the
earth. In the name of Jesus Christ, Amen."
Support for the stock evaporated in late afternoon trading due to
several large transactions during the final minutes of trading. The
stock plunged over 47 points to close at 0.19 as a small number of
very large sell orders were received on the floor. Trading records
indicate that 15 key insiders in the church hierarchy all placed
orders to sell once the price topped 46 netting a staggering total of
7.4 billion in profits for those 15 individuals.
After the close of trading officials at the New York stock exchange
announced that the stock will be delisted as it has fallen below $1
per share and no longer meets the requirements for trading on the
NYSE. Attempts were made to contact the LDS church for comment.
However, we were told that church officials are away on personal
business in an disclosed country that has no extradition agreement
with the United States.
