Bluechip stock terminology

I think the investment world, including the CFA cirricumlum should change the definition of a blue chip stock. it is totally wrong! for the past 2-3 weeks, there are hundreds of so called bluechips company acting like penny stocks. not to mention majority of these bluechip stocks are no longer traded in the band but in the band of a start up company. comments?

Can you clarify the band of a start up company and what it means to trade like a penny stock?