What is really happening.We have another case of "Buy the rumor, Sell the news". Speculative value evaporates when something becomes known because speculation is based upon uncertainty, once there is news, the price converges onto the intrinsic value or rather then the possibly unknown intrinsic value plus the remaining speculations about the intrinsic value. This effect is particularly exaggerated on penny stocks such as AFA as the proportion of extrinsic speculative value to intrinsic value is very high.