NEW YORK, NY / ACCESSWIRE / January 11, 2018 / Helios and Matheson, which is a majority owner of Movie Pass, is said to be in discussions with lawyers along with Movie Pass over cryptocurrency and the possibility of an initial coin offering. Shares exploded as traders learned about the news which was reported by Yahoo Finance. Shares of Square were fairly flat in trading yesterday but have been retracing this month after the stock shed 12% last month.
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Helios and Matheson Analytics Inc.
Helios and Matheson Analytics Inc. shares saw a big jump in Wednesday trading, closing the day up 28.07% on about 27.4 million shares traded. It was an exciting day for the majority owner of MoviePass after its CEO showed an interest in blockchain technology. A report from Yahoo Finance revealed that Helios and Matheson CEO Ted Farnsworth and MoviePass Chief Executive Mitch Lowe have been exploring the possibilities of blockchain technology for more than a year. The two have been in talks with lawyers about an initial coin offering. Lowe told Yahoo Finance that "using a crypto currency in the day-to-day business of the company is an appealing prospect." Farnsworth remarked, "We’ve been in discussions with all those type of things, with all our attorneys. The main thing is really, how do you do it within all the regulations of the SEC, and also on the blockchain side as well, make sure it's not just the flavor of the day. But we've looked at that technology for well over a year now." Lowe explained, "The exciting thing is that anytime you make a service available that you can use crypto currency, actually use it in your day-to-day business, helps support that altogether with people." Shares gained as much as 39% yesterday as traders learned the news before settling at 28%.
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Square, Inc. shares traded fairly flat on Wednesday on nearly 11.3 million shares traded. There was no significant news from the company but shares were rallying last week after a tough month in December. Shares fell about 12% in December despite analysts at Morgan Stanley reiterating their equal-weight rating on the stock and raising their price target from $26 to $40. Analysts led by James Faucette are forecasting that the company's revenue will grow by 36% annually through 2020. This is above consensus figures. According to Faucette, "A narrowing gap between the base case and bull case limits further upside and keeps risk/reward balanced." Regardless of December's losses, the stock has seen gains of 175% in 2017.
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