If you need a bit of entertainment to get you through hump day, might we recommend a story out today over on the main site by this Alphavillain and the FT’s excellent Anna Gross.
It’s a strange tale about an obscure four-person start-up called iAbra based in a sleepy English village that reckons it has come up with a test for Covid-19, manufactured by listed company TT Electronics, that can give an accurate result in under 20 seconds.
It also reckons Heathrow airport has put in an initial order and is a “launch customer”.
Heathrow airport reckons that it hasn’t and isn’t.
To whet your appetite, here’s a little snippet:
“If we made a slight, slight miswording of [our release]I apologise for everybody, but fundamentally, we’re trying to do a good thing for humanity as quickly as possible,” Mr Compton told the Financial Times.
He described TT Electronics’ share price jump that followed the news as “chicken feed” in the grand scheme of things.
The credentials of the technology are further muddied by apparent connections to an organisation that spent decades working on hoaxes about the fictional monster Big Foot.
The announcement of the new test last Thursday produced lots of exciting headlines, provoking a 40 per cent jump in the share price of TT Electronics.
Here’s that move in visual form, followed by what the TT Electronics share price has done today (our story was published at 5am):
Down almost 14 per cent at pixel time, meaning almost two-thirds of last week’s jump — and about £90m of the company’s value — have been wiped out.
We know Alphaville readers sometimes like to really get into the weeds with this kind of story, so do watch this space for some extra bits in the coming day or two.
Is the company with a 20-second coronavirus test for real? – FT