Spam Works: Evidence from Stock Touts and Corresponding Market Activity

We assess the impact of spam that touts stocks upon the trading activity of those stocks and sketch how profitable such spamming might be for spammers and how harmful it is to those who heed advice in stock-touting e-mails. We find convincing evidence that stock prices are being manipulated through spam. We suggest that the effectiveness of spammed stock touting calls into question prevailing models of securities regulation that rely principally on the proper labeling of information and disclosure of conflicts of interest as means of protecting consumers, and we propose several regulatory and industry interventions. Based on a large sample of touted stocks listed on the Pink Sheets quotation system and a large sample of spam emails touting stocks, we find that stocks experience a significantly positive return on days prior to heavy touting via spam. Volume of trading responds positively and significantly to heavy touting. For a stock that is touted at some point during our sample period, the probability of it being the most actively traded stock in our sample jumps from 4% on a day when there is no touting activity to 70% on a day when there is touting activity. Returns in the days following touting are significantly negative. The evidence accords with a hypothesis that spammers "buy low and spam high," purchasing penny stocks with comparatively low liquidity, then touting them - perhaps immediately after an independently occurring upward tick in price, or after having caused the uptick themselves by engaging in preparatory purchasing - in order to increase or maintain trading activity and price enough to unload their positions at a profit. We find that prolific spamming greatly affects the trading volume of a targeted stock, drumming up buyers to prevent the spammer's initial selling from depressing the stock's price. Subsequent selling by the spammer (or others) while this buying pressure subsides results in negative returns following touting. Before brokerage fees, the average investor who buys a stock on the day it is most heavily touted and sells it 2 days after the touting ends will lose close to 5.5%. For those touted stocks with above-average levels of touting, a spammer who buys on the day before unleashing touts and sells on the day his or her touting is the heaviest, on average, will earn 4.29% before transaction costs. The underlying data and interactive charts showing price and volume changes are also made available

Nanometer-Resolved Collective Micromeniscus Oscillations through Optical Diffraction

We study the dynamics of periodic arrays of micrometer-sized liquid-gas menisci formed at superhydrophobic surfaces immersed into water. By measuring the intensity of optical diffraction peaks in real time we are able to resolve nanometer scale oscillations of the menisci with sub-microsecond time resolution. Upon driving the system with an ultrasound field at variable frequency we observe a pronounced resonance at a few hundred kHz, depending on the exact geometry. Modeling the system using the unsteady Stokes equation, we find that this low resonance frequency is caused by a collective mode of the acoustically coupled oscillating menisci.Comment: 4 pages, 5 figure

Molecular Characterization and Antimicrobial Susceptibility of Staphylococcus aureus Isolates from Clinical Infection and Asymptomatic Carriers in Southwest Nigeria

Few reports from Africa suggest that resistance pattern, virulence factors and genotypes differ between Staphylococcus aureus from nasal carriage and clinical infection.We therefore compared antimicrobial resistance, selected virulence factors and genotypes of S. aureus from nasal carriage and clinical infection in Southwest Nigeria. Non-duplicate S. aureus isolates were obtained from infection (n = 217) and asymptomatic carriers (n = 73) during a cross sectional study in Lagos and Ogun States, Nigeria from 2010–2011. Susceptibility testing was performed using Vitek automated systems. Selected virulence factors were detected by PCR. The population structure was assessed using spa typing. The spa clonal complexes (spa-CC) were deduced using the Based Upon Repeat Pattern algorithm (BURP). Resistance was higher for aminoglycosides in clinical isolates while resistances to quinolones and tetracycline were more prevalent in carrier isolates. The Panton-Valentine leukocidin (PVL) was more frequently detected in isolates from infection compared to carriage (80.2 vs 53.4%; p<0.001, chi2-test). Seven methicillin resistant S. aureus isolates were associated with spa types t002, t008, t064, t194, t8439, t8440 and t8441. The predominant spa types among the methicillin-susceptible S. aureus isolates were t084 (65.5%), t2304 (4.4%) and t8435 (4.1%). spa-CC 084 was predominant among isolates from infection (80.3%, n = 167) and was significantly associated with PVL (OR = 7.1, 95%CI: 3.9– 13.2, p<0.001, chi2- test). In conclusion, PVL positive isolates were more frequently detected among isolates from infection compared to carriage and are associated with spa-CC 084

New formula for a resonant scattering near an inelastic threshold

We show that the Flatte formula is not adequate to interpret precision data on a resonance production near an inelastic threshold. A unitary parameterization, satisfying generalized Watson's theorem for the production amplitudes, is proposed to replace the Flatte parameterization in phenomenological analyses of experimental data.Comment: 6 pages, 2 figures, contributed to SCADRON 70, Workshop on Scalar Mesons and Related Topics, February 11-16, 2008, Lisbon, Portuga

Scalar Mesons in Charm Decays

Results on light scalar mesons in charmed particle decays studied by the CLEO Collaboration at the Cornell Electron Storage Ring are reviewed.Comment: 10 pages, 9 figures, invited talk presented at SCADRON 70 (Workshop on Scalar Mesons and Related Topics, Losbon, 11-16 February 2008

High prevalence of ESBL-producing Klebsiella pneumoniae in clinical samples from central Côte d'Ivoire

Objectives: Infections caused by multidrug-resistant Enterobacterales pose a significant challenge to clinical patient care, particularly in resource-constrained settings where epidemiological data on antimicrobial resistance are scarce. The aim of this study was to determine the prevalence of extended spectrum beta-lactamase-(ESBL)-producing Klebsiella pneumoniae among clinical samples from a teaching hospital in Bouaké, central Côte d’Ivoire. Methods: Clinical specimens were collected from sterile and non-sterile body sites and were subjected to microbiological diagnostics (April 2016-June 2017). The antimicrobial susceptibility patterns of K. pneumoniae were analysed using automated resistance testing and double-disk diffusion to test for ESBL production. Multiplex PCR was carried out to determine the presence of the resistance-conferring genes blaCTX-M, blaSHV and blaTEM. Results: A total of 107 isolates were included, most of which were obtained from bloodstream (39%; n = 42) and urinary tract infections (39%; n = 42). Among all K. pneumoniae isolates, 84% (n = 90) were ESBL producers, many of which were also not susceptible to sulfonamides (99%), quinolones (81%) and aminoglycosides (79%). The majority of ESBL-producing strains harboured all three investigated bla genes. Conclusion: The high prevalence of ESBL-producing K. pneumoniae in clinical isolates from Côte d’Ivoire calls for revised empirical treatment regimens in critically ill patients with suspected Gram-negative infections, and the establishment of antimicrobial resistance surveillance systems

Panel Discussion on Scalar Mesons

A panel discussion on scalar mesons was held with the participation of David Bugg, Yulia Kalashnikova, Keh-Fei Liu, Michael Scadron, the author, and members of the audience. Some introductory remarks are noted here.Comment: 2 pages, no figures. Introduction to a panel discussion held at SCADRON 70 (Workshop on Scalar Mesons and Related Topics, Lisbon, 11-16 February 2008