NEW YORK, NY / ACCESSWIRE / July 6, 2018 / Helios and Matheson Analytics saw a drop in Thursday trading after announcing that MoviePass will be rolling out peak pricing for users. iQIYI saw a loss as well as the company followed the sentiment of other Chinese stocks as the market embraced more tariffs on imported Chinese goods from the Trump administration.
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Helios and Matheson Analytics Inc.
Helios and Matheson Analytics Inc. shares dropped 10.14% yesterday on nearly 42.5 million shares traded. The company, which owns a majority of movie subscription service MoviePass, saw losses after MoviePass launched "peak pricing." According to the email that was sent to subscribers, the peak pricing will be in effect when there is a high demand for a movie or a show time. The e-mail read, "You may be asked to pay a small additional fee depending on the level of demand. You can avoid the surcharge by selecting a different showtime or movie." Peak pricing will be rolling out over the next few weeks for users. The company will also be launching "Peak Pass" in the next few weeks as well that will let users waive one peak fee a month. Rival AMC had recently announced a competing subscription plan that includes up to three movies per week for $20 per month.
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iQIYI, Inc. shares were down 5.43% in Thursday trading on a little over 30 million shares traded. There was no particular bad news from the company to explain the drop yesterday but the losses could be the result of Chinese stocks in general falling as the market embraced for President Trump's administration's Friday morning imposing of new tariffs on imported Chinese goods. The Shanghai index fell 0.8% yesterday and now has seen a loss of 12% in the last four weeks. The innovative market-leading online entertainment service did announce that The Rap of China, its flagship rap competition reality show will be launched exclusively on iQIYI's platform from July 14. "A few years ago, people in West might have be baffled by the idea of rap music being produced in China," stated Gong Yu, Founder & CEO of iQIYI. "Through the platform of The Rap of China, iQIYI's efforts to promote this fantastically imaginative and exciting artform have already attracted the attention of rap lovers worldwide. This is a trend which is sure to continue, as the show gives the spotlight to a whole new cast of Chinese rap stars." Shares of iQIYI are still over 70% higher than the stock's IPO price of $18.
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