If I bought a million shares of stock in the morning and...
sold it when the price rose a penny and made $10,000 is that damaging the company?
No it doesn’t damage the underlying company, however, it could easily DAMAGE YOU!
What happens if it moves 20 cents against you? You are overlooking transaction costs, like ECN, SEC, FINRA, brokerage, borrow fees — they could easily cost more than a penny/share.
I would not recommend this course of action.