Hey Investors, as the week consolidates we are still seeing big moves in the general stock market as institutions and retailers react to key economic data points and the geopolitical news :
- S&P 600 (USA Small Caps) up by 1.5% and S&P 500(USA Large Caps) by 0.8% for the day
- S&P/TSX 20(CAD Small Cap) up by 1.3% and the S&P/TSX 60 (CAD Large Cap) up by 0.55% intraday
- Bitcoin up by 2%
Market Movers
Yesterday the common stock of Micron was halted and resumed trading this morning. Usually, the halt is imposed for regulatory reasons, the anticipation of significant news, or to correct a situation in which there are excess of buying or sell orders for a specific security.
The stock was halted for trading by Micron as they prepared a press release that could materially affect the business.
Micron meets ATSM Level 3 requirements for face masks
2020-10-07 15:22 ET – News Release
Mr. Harvey Sidhu reports
MICRON WASTE’S SUBSIDIARY MANUFACTURES ASTM LEVEL THREE MEDICAL FACE MASKS
Micron Waste Technologies Inc.’s Micron Technologies Inc. has met the American Society for Testing and Materials F2100-19, Standard Specification for Performance of Materials Used in Medical Face Masks, Level 3 certification requirements for its three-ply surgical face masks. Micron Technologies is currently utilizing the company’s facility in Delta, B.C., to manufacture the three-ply surgical masks.
Among other technical specifications, the ASTM Level 3 requirements ensure that medical face masks have a bacterial filtration efficiency of greater than or equal to 98 percent, which is the highest level of performance under the ASTM F2100 standards. Both Health Canada and the United States Food and Drug Administration recognize the ASTM F2100 standards.
The achievement of meeting the ASTM Level 3 requirements is a significant milestone for Micron Technologies, which will enable it to continue to meet the needs of the medical industry; various public and private organizations; and the general public. Harvey Sidhu, president of Micron Technologies, stated: “As society continues to see a second wave of COVID-19 across the world, Micron Technologies has obtained crucial industry-standard certifications that allow us to offer medical-grade masks that offer 98-per-cent bacterial filtration. We are continuing to expand our product line of certified medical-grade face masks, which are made in Canada and offering these products to North American consumers at competitive prices. To date, Micron Technologies has received interest from various organizations to purchase its medical-grade face masks.”
Micron Technologies has also received its N95 mask-manufacturing machine and expects production to begin in October. Micron Technologies plans to send N95 mask samples to the National Institute for Occupational Safety and Health for certification to be able to sell medical-grade N95 masks.
Advantages of Halting Trading
Undoubtedly, investors in a stock that is halted would get anxious. However, stock halts are actually used to protect investors and level the playing field between investors who are informed and reactive, and those who are simply not up to date on the news. The advantages of temporarily halting trading include:
- Allowing all market participants to be informed about any news
- Removing arbitrage opportunities and potential illegal transactions
- Giving other markets the opportunity to receive the news and halt trading of that stock on their own exchanges
It goes without saying that this financial mechanism does not always protect investors, but allows information to be processed by market participants to properly assess how it will affect the business economics of the stock in question.
HAPPY HUNTING!