Psychic friends on the decline

Some good news, even through the current push for their new ventures, the Psychic Friends Network stock is tanking.

Bottom Falls Off for Psychic Friends Network, Inc.

If Psychic Friends Network, Inc. (OTC:PFNI, PFNI message board) promised an ever-climbing investment, it may have misread the future. In the midst of a promotional campaign, its stock fell more than 50% on sudden, low-volume profit-taking. It seems the paid emails have stopped a few days ago and PFNI cannot rely on the promise of a profitable psychic advice business.

The campaign had a budget of $200,000, and promised to go on for a while, but since the end of last week the messages from paid pumpers stopped, as well as the PR campaign of the company on well-respected news websites.

Although the desire to seek psychic explanations is widespread and there is always a market for such services, it seems PFNI is still not offering real business, is registered as a development-stage company and may only offer a risky and choppy stock ride.

As we wrote before, there was a noticable uptick in hype about their big new plans to expand. But that seems all quite silly now. They aren’t making any money. Can you see me smiling? It’s rare I feel smug like this. This is a venture I would be glad to see fail and disappear entirely.

  7 comments for “Psychic friends on the decline

  1. b
    December 17, 2012 at 7:00 PM

    I gotta say it. I just… gotta say it. Everyone else casn say it with me:

    “Wow. They never saw *that* coming, did they?” However, it sounds more like they were in the toilet financially, and their recent marketing was a sad attempt to pull themselves out.

    • Phil
      December 17, 2012 at 9:10 PM

      You beat me to it! Honestly what sort of financial wiz put this offering together?

  2. Peter Robinson
    December 18, 2012 at 4:50 AM

    This looks like it may have been a classic pump and dump operation where certain investors hype a stock then sell out at a profit leaving the suckers high and dry. One hopes for an S.E.C. investigation to add to the woes of the company. Pumping and dumping being a common and particularly bad distortion of the markets.

    And who could not adore the title of the piece :

    ‘Bottom Falls Off for Psychic Friends Network, Inc.’

    Given that their bottoms are where the self proclaimed ‘psychics’ predominantly make their utterances from.

    • Richard Cornford
      December 18, 2012 at 9:18 AM

      A few days ago (Dec 13th) Mark Edward published an account of a telephone conversation that he had had with someone (purporting to be) representing Bain Capital on the subject of their (Bain’s) interest in investing in the “psychic market”.

      http://www.skepticblog.org/2012/12/13/bain-drain/

      Which may provide another thread or two to weave into a market manipulation conspiracy. :)

      • Peter Robinson
        December 18, 2012 at 10:46 AM

        You’re not suggesting that Bain Capital, that bastion of financial probity and erstwhile home of Mitt ‘the moron’ Romney may have been involved in anything un-seemly I hope! Shame on you! ;~}

        • Richard Cornford
          December 18, 2012 at 11:33 AM

          No, and I am also not suggesting that someone connected with the “psychic market” might assume a false identity and phone up someone likely to leek the conversation in order to deceptively propagate the suggestion of an interest on the part of Bain Capital in order to inflate their share prices.

  3. D. Walker
    December 18, 2012 at 4:56 PM

    I agree, and Good Riddance !! Those are the exact kind of creepy weirdos that shouldn’t be given a large sum of money to spend. They probably help prop up much of what is wrong with Human Culture. Some day, I hope, people will look back at them and think ” How could people be so naive and stupid ?? “

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