Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Long Blockchain Corp    

LONG BLOCKCHAIN CORP
Mes dernières consult.
Most popular
  Report  
SummaryChartsNewsCompany 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

Cryptocurrency stocks holding gains despite bitcoin pullback

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/22/2017 | 08:09pm CEST
FILE PHOTO: Sparks glow from broken Bitcoin (virtual currency) coins in this illustration picture

NEW YORK (Reuters) - Stocks that surged in recent weeks because of the cryptocurrency mania have managed to hold onto most of their gains despite the recent retreat in the price of bitcoin and skepticism from market participants.

A Reuters analysis of 17 stocks of companies that have made blockchain or cryptocurrency announcements showed an average gain of 224 percent through Thursday's close from they released those statements.

For example, shares of Long Island Iced Tea Corp (>> Long Island Iced Tea Corp) jumped nearly 300 percent on Thursday after the beverage maker said it would rename itself Long Blockchain Corp to reflect a new focus on blockchain technology.

The moves are reminiscent of the tech boom, when the market value of companies such as Zapata and Books-A-Million rose sharply after they announced an internet business or an updated website. After the dot-com bubble burst, many of the companies went out of business or became much less valuable.

"There's been a continued surge of crypto headlines," said Michael Antonelli, managing director at Robert W. Baird in Milwaukee. "It's gotten more worrisome as more companies have changed their names. It's the kind of stuff you saw back in the dot-com era."

Many of the crypto stocks came under pressure on Friday, as the price of bitcoin <BTC=BTSP> tumbled below $12,000 to put it on track for its worst week since 2013. Riot Blockchain (>> Riot Blockchain Inc) dropped 15.3 percent to $23.36, and Overstock.com (>> Overstock.com Inc), which announced in August that it would accept major alt-coins as payment, was down 6.5 percent at $63.05.

Even with the declines on Friday, bitcoin itself is still more than double from its price at the start of November while the stocks are still well above their prices before the companies made cryptocurrency announcements.

While the stocks are susceptible to price moves in bitcoin itself, analysts caution investors should make sure the company has a credible business model.

"It is a buyer beware time," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

"Long term it may hurt these companies because if bitcoin does settle down to being a product that trades like most products and doesn’t have crazy moves every day, it is going to make people look at these companies and ask what is really going on here."

(Reporting by Chuck Mikolajczak; Editing by Lisa Von Ahn)

By Chuck Mikolajczak

Stocks mentioned in the article
ChangeLast1st jan.
RIOT BLOCKCHAIN INC -2.80% 5.9 Delayed Quote.-79.23%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on LONG BLOCKCHAIN CORP
06/27LONG BLOCKCHAIN : New York 1, Kingsport 0 after Round 1 of Long Island Iced Tea ..
AQ
06/13LONG BLOCKCHAIN : Dual dates set for Kingsport-NY Long Island Iced Tea taste-off
AQ
06/09LONG BLOCKCHAIN CORP (OTCMKTS : LBCC) Makes Major Appointments To The Board
AQ
06/07LONG BLOCKCHAIN CORP. : Notice of Delisting or Failure to Satisfy a Continued Li..
AQ
05/13LONG BLOCKCHAIN : A tea party, the great outdoors and a regional identity
AQ
05/13LONG BLOCKCHAIN : Kingsport reclaims status as Long Island Iced Tea birthplace
AQ
05/12LONG BLOCKCHAIN CORP : . Appoints Sanjay Sachdev to Board of Directors & Shamyl ..
AQ
05/10LONG BLOCKCHAIN : Kingsport Reclaims Part of Its History As Home of the Original..
AQ
05/09LONG BLOCKCHAIN CORP. : Entry into a Material Definitive Agreement, Creation of ..
AQ
05/09LONG BLOCKCHAIN CORP. : Change in Directors or Principal Officers (form 8-K)
AQ
More news
News from SeekingAlpha
01/05Long Blockchain in deal for 1K mining machines, offering shares 
01/03Bitcoin Is Weaker Than Ever But Ripple Is Not A Good Alternative 
01/03CONSUMER - TOP GAINERS / LOSERS AS O : 00 pm 
01/03Investors eye iced tea to blockchain stock 
01/02CONSUMER - TOP GAINERS / LOSERS AS O : 00 pm 
Chart LONG BLOCKCHAIN CORP
Duration : Period :
Long Blockchain Corp Technical Analysis Chart | US54267E1047 | 4-Traders
Managers
NameTitle
Shamyl Malik Chairman, Chief Executive & Accounting Officer
Thomas J. Cardella Independent Director
William C. Hayde Independent Director
John Carson Independent Director
Som Ghosh Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
LONG BLOCKCHAIN CORP-1.18%0
COCA-COLA COMPANY (THE)-1.31%191 955
COCA-COLA HBC15.29%13 506
SUNTORY BEVERAGE & FOOD LTD-5.08%12 997
TINGYI (CAYMAN ISLANDS) HOLDING CORP.17.50%12 559
ARCA CONTINENTAL SAB DE CV-9.16%11 436