MoviePass Declares War On AMC!

This post will provide my updated thoughts on MoviePass, Helios (HMNY), and AMC (AMC). Before I jump in, if you haven’t read my first post, please do. I want the changes I’ve made to be very clear to everyone. You’ll see it in my writing going forward and it’s not going to change. It’s this way or no way — the new normal.

Before We Start. I just have to say – I LOVE the WordPress iPhone app. If they make a push to attract stock pickers to their platform, it could do to Seeking Alpha what Seeking Alpha did to the Yahoo chat boards. It’s smooth, functional, and has already introduced me to bloggers I didn’t know about.

I can also search blogs by company name and/or ticker symbol. At this point, there isn’t a lot of stock-related content, but it wouldn’t take much to change that. I think it’s worth checking out (for bloggers and readers alike). For me, it’s been great. In the first 24 hours, I received thousands of hits from 40 different countries.

Visits.PNG

Awesome.

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Long-time readers should note some significant changes in how I communicate in the public domain. The sole purpose of this forum is now to attract new contacts with professional industry expertise to share research and receive feedback (confirmation / refutation) regarding my investment theses. Accordingly, this document should not be construed as an endorsement of the companies or securities discussed herein. The disclosure below is critical to understanding the content of this document. Further, I frequently trade my positions and may buy, sell, or short the securities mentioned herein at any time, regardless of the facts or perceived implications of this article.

 

OK, let’s get to the MoviePass madness…

MoviePass Declares War On AMC! In my last post, I said that the major theaters were all benefiting from MoviePass. I also provided a framework for calculating the impact. However, I didn’t share my actual calculations within that framework.

But HMNY CEO Ted Farnsworth is here to help.

This morning, he went public with his calculations on the impact of MoviePass on AMC… and his figures are even greater than the ones I estimated.

This is going to be ugly/messy, but I don’t have time to make it look pretty…

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What a wild turn of events today. Here’s the contents of a private email I sent to a research partner several days ago… and then some updated commentary.

From Private Email:

Got this from one of the smarter investors online…

  1. Average ticket price is around $9 ($8.93 per box office mojo)
  2. 1.2 Billion tickets sold
  3. 11 billion in ticket sales
  4. 2.4 Billion spent on Studio advertising
  5. Around 220 million unique moviegoers
  6. Average viewer sees 5.6 films per year
  7. Average concessions spent per person $4.28.
  8. AMC and Cinemark the largest remaining publicly-traded operators, gross about $4.8B and $3B (2 Billion at the box office and 1 Billion off concessions).

 

So….

$11B tickets ($5B gross margins)

$5.5B concessions ($4.7B gross margins)
MP friend effect? Let’s say 10%.

MP average ticket price? Likely closer to $11 than $9, due to coastal concentration.

Based on Mitch’s most recent interview (as of Jan 16), they are increasing movie-going by about 2.4x… and we can assume the concession uplift is still around 120%.

MP is buying ~3M tickets per month and perhaps adding 0.3M more via the friend effect. That works out to over 2M INCREMENTAL visits for the cinemas (3M – (3M / 2.4) + 0.3M).

That’s $22M ($10M in additional gross profits) from ticket sales.

The concession impact is (2M * $4.28 * (1+120%)) = $18.8M

That’s about $15.5M in additional gross profits

Total impact = about $25.5M in gross profits, with about $24M of that dropping to the pre-tax line (about $19M to the bottom line) per MONTH.

That = $228M annually, with about 18% ($40M) accruing to CNK, based on their market share… and $66M to AMC.

That’s about $1.25 per share for AMC and $0.36 for CNK!

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UPDATE (for this public post)

That $66M for AMC was after-tax. Pre-tax is more like $82M.

That number is so big, I had to re-calculate it multiple times with two of my closest Wall Street veterans to make sure it was right. They agreed.

But today, HMNY is saying that the number is even bigger (see below): $135M… excluding concessions?!!?!  That seems crazy to me. However, the number might be in between, because MP might be providing a disproportionate amount of revenue to AMC (due to a continuing influx of subscribers, high first- and second-month usage, a higher concentration of AMC theaters on the coasts where MP is most popular right now, AMC’s higher per-ticket price especially on the coasts, and perhaps a higher friend effect than I factored). I don’t think that’s enough to validate Ted’s number, but it is enough to boost mine quite a bit (perhaps 50% — non-scientific number).

Either way, I feel more comfortable than ever that my $1.25 annualized EPS estimate is solid (if not low). That’s about 32-cents per quarter on a $12 stock. What’s crazy is that I’ve seen no indication that AMC’s Wall Street analysts knew about this, making it a material tailwind for Q4 earnings (which will be announced in 4 weeks). What’s also crazy is that it could all go POOF if MoviePass follows through on their threat to exclude AMC from the MoviePass service.

…but can they?

 

Sure… but when?  Over 1.5 million customers have paid MoviePass for the right to go to AMC theaters (among others). Many of those are on monthly payment plans, so I think MP can change the terms to exclude AMC. However, those who bought 3-, 6-, or 12-month plans are entitled to their original terms until expiration… unless those terms entitled MoviePass to do this from the start (I need to look into that — does anyone out there already know offhand? Chime in! This is part of why I do this!).

 

In any case, what I told you all on Wednesday is now public knowledge. Frankly, I don’t think AMC should be down on the news. There are three scenarios to consider:

  1. AMC caves in and gives MP a piece. If so, they are still getting a bigger benefit than Wall Street has been discussing (which has been zero). However, it also exposes AMC to potentially helping MP become a much more powerful company (which could come back to bite AMC harder in the future).

 

  1. MoviePass caves in because of the negative public response. If this is found to be a bait and switch, the legal ramifications could be significant. Personally, I trust that Mitch knows what he’s doing here. He proved his ability to leverage lawyers during his days at Redbox. I think MoviePass can cut AMC off (at least eventually). Yes, they will lose customers and the ability to say “any theater, any time”, but the brand has already been built. I think the brand can survive the credibility hit… and I don’t think MP needs AMC’s 20% market share to be successful (though I still have my doubts regarding their ability to be successful). In any case, this scenario would be incredibly beneficial to AMC (just not likely in my opinion, the more I think about it).

 

  1. AMC doesn’t cave in and MoviePass cuts them off. In this scenario, AMC’s earnings go back to the way things were a few months ago (which hasn’t been seen in a big way via their in publicly-announced earnings — Q3 didn’t benefit that much, based on my calculations). However, they do start to lose some customers, as 1.5M+ MP subscribers start going elsewhere. Keep in mind, that’s not a big number now, because 1.5M represents less than 1% of moviegoers… but it’s only getting bigger.

 

 

SOME OTHER THOUGHTS…

  1. I’m bullish on HMNY buying movies (see the news from yesterday). If they choose good ones, they can really help those movies succeed (and benefit from doing so). Yes, they’d be paying for the movie tickets, but they’d also be controlling which theaters are showing the movie (presumably favoring ones that are paying MP a percent of revenue). Also, the biggest brunt would be felt in the first weekend. If they can create a strong first weekend for a good-but-unknown movie, the movie will rank high with high reviews and start doing well with the general public. I’ve learned that the first weekend is critical for the lifetime value of the movie, so I appreciate what they’re doing here.

 

  1. I also think they should consider acquiring smaller theaters instead of partnering. If they’re adding so much to the theaters’ bottom lines, why not get the full benefit by buying them cheaply and then building up their attendance / market share?

 

  1. The path for MoviePass to become a profitable entity is becoming clearer… and I’m still of the mind that it will happen as a company that impacts smaller movies and smaller theaters. That’s not a bad thing, but not the grand vision that some are hoping for. If my thinking is correct, the question is, “will that be enough to offset the significant investment that was required to get them there?”.

 

With all the debt and dilution, the earnings from being a niche player may not be enough to justify today’s valuation. Of course, if MoviePass grows into something that impacts a broader swath of theaters and movies, there’s certainly upside to be unlocked.

However, to do that, they have to crack the top 3 players. Winning 1,000 theaters is nice, but there are about 40,000 screens in the U.S. and the top 3 players own half of them…

 

Theaters

 

·         “When HMNY acquired the majority stake in MoviePass, we made the strategic decision to reduce monthly subscription fees to $9.95 a month to get movie fans back into the theaters. As we’ve grown our subscriber base, we’ve seen a dramatic increase in movie theater attendance among our subscribers, which proves to us that MoviePass is working to revitalize a declining industry. Other theater companies have seen this attendance resurgence and have approached MoviePass to collaborate. Since the get-go, AMC has not been interested in collaborating with MoviePass – a move that is not in the interest of our subscribers and AMC theater-goers.”
·         “We know that we currently represent approximately 62% of AMC’s operating income, assuming that AMC is flat year over year. This equates to $34.4 million of gross profits to AMC in the upcoming quarter. On an annualized run rate basis, that’s over $135 million to AMC’s gross profits – which doesn’t include concession sales from MoviePass subscribers. In publicly disclosed 2017 financial documents, AMC claimed each customer spends $4.88 on concessions each visit – meaning MoviePass subscribers could bring an additional $17.1 million in AMC concession revenues for Q1 of 2018, which on an annual run rate means $68.4 million more — an annualized run rate going forward of over $203.4 million revenue from MoviePass subscribers.”
·         MoviePass CEO Mitch Lowe is also weighing in, saying the list of theaters the company works with is subject to change as it looks for a “mutually-beneficial” relationship with exhibitors.

 

What does all of this mean for the stocks involved? That’s not for me to say. I have no intention to sway investors’ opinions or actions. Investors must make their own decisions with their own advisers. This forum is meant to share my research and thoughts with the expressed intent to attract feedback (to assist in my personal investment decision-making process).

 

Disclosure: I hold no position in HMNY. However, I have a bullish stock and option positions in AMC, about half of which is a very short-term bet on the stock recovering at least some of today’s 4.5% losses. The rest of my position is meant for capital appreciation on the strength of the profits MoviePass is bringing to AMC, but that trade is subject to change or reversal at any time, since this situation is so fluid / dynamic. I don’t encourage or recommend that anyone follow suit, since I may exit the entire position at any time without notice.

I wrote this article myself, and it expresses my own opinions. I am receiving no compensation for it, nor do I have a business relationship with any company whose stock is mentioned in this article.

The information in this article is for informational purposes only and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.  I am not a financial advisor.  Nor am I providing any recommendations, price targets, or opinions about valuation regarding the companies discussed herein.  Similarly, the disclosure above may state that I am long or short shares of the companies mentioned herein, but should not be construed as an endorsement of any particular investment or opinion of the stock’s current or future price. That disclosure is true as of the time the article is placed in queue for publication, but it is possible (or even likely) that I might be buying and/or selling the stocks mentioned herein immediately thereafter or at any other time, regardless of (and possibly contrary to) the content of this article or this website’s timing of its release.  The disclosure will not be updated following submission of the article and may be inaccurate thereafter.  Likewise, any opinions are as of the date of publication, and are subject to change without notice and may not be updated. I believe that the sources of information I use are accurate but there can be no assurance that they are.  I wrote this article myself and I receive no compensation for writing it.  All investments carry the risk of loss and the securities mentioned herein may entail a high level of risk. Investors considering an investment should perform their own research and consult with a qualified investment professional.

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30 thoughts on “MoviePass Declares War On AMC!

  1. As usual, you have some great information in your writings. Thank you! On your disclosure, your bet on AMC does not seem to match your style. It seems very risky when you have no idea how this MoviePass / AMC war will shake out and therefore how it will effect the value of AMC. Let’s face it. AMC CEO Adam Aron is a knucklehead. He wants to legally ban MoviePass from being used in it’s theaters. Remember? He is running AMC into the ground and I see no signs of that changing for the better anytime soon. The only good thing that has happened to AMC lately is Moviepass and yet I believe he would burn his theaters down before he would give MoviePass a dime. Investing in this company expecting a continued sales boost from the very company AMC considers an adversary defies all logic to me. Last quarter will not help the stock if the future is in doubt.

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    1. One other point. AMC will never go back to earnings the way it was if MoviePass cuts them off. That will hurt both companies a lot and probably AMC more so than MoviePass because they will lose business they had in markets where there is nearby alternatives because of MoviePass.

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      1. I agree with the first part (and wrote as much). I don’t fully know about the second part, because I haven’t investigated the geographical dynamics. A big mistake that investors make is to make assumptions based on what they think, instead of researching the facts.

        That’s what we need to do.

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      2. I did not look at all 600 AMC locations, but I did look at the 9 locations MoviePass said are “currently no longer on the platform.” I just google searched each theater below and then put in the zip code in here:
        https://www.moviepass.com/ and voila… you can see how many theaters are nearby.
        AMC Century City 15, Los Angeles, CA
        AMC Mercado 20, Santa Clara, CA
        AMC Disney Springs 24, Lake Buena Vista, FL
        AMC Loews Boston Common 19, Boston, MA
        AMC River East 21, Chicago, IL
        AMC Mission Valley 20, San Diego, CA
        AMC Tysons Corner 16, McLean, VA
        AMC Veterans 24, Tampa, FL
        AMC Loews Alderwood Mall 16, Lynwood, WA
        I think it is safe to assume that a MoviePass subscriber will either go to a competing theater or cancel their subscription and go back to paying full ticket price and seeing fewer movies at AMC. It all depends on where they live and what else is close by. I do not think we need to research much further than this to make that assumption since that is the way things were before MoviePass. Of course calculating the dollar value of the damage to AMC would require more in depth research, but I can safely assume based on all of the numbers you provided regarding the positive impact AMC is receiving from MoviePass that there would be damage with a full cut off and that it would be worse for AMC than before MoviePass because they would lose some MoviePass subscribers who would have come to AMC if there was no MoviePass. If you see a flaw in my logic, feel free to correct me. I know you will even without my permission. 🙂

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      3. LOL. Funny last line.

        No…. that’s EXACTLY the kind of work that investors should do (instead of spending so much time on charts). A simple way of looking at it is to assume that things will go back to the way they were before the middle of Q3, when moviepass dropped its price. However, even the Q3 impact was likely negligible, especially compared to what it is now… and nobody has seen the Q4 impact yet (those numbers get reported around February 22), so nobody outside of AMC really knows what the impact has been, so I doubt that the MoviePass effect has even been factored into AMC’s stock yet.

        That being said, we will have to factor in a LOSS of market share from the percentage moviegoers who now have a MoviePass (which is now approaching 1%). That might not sound like a lot, but a good deal of that 1% flows down to the bottom line, so it is a problem.

        That will be partially offset by the % Of MoviePass customers that cancel their memberships / ask for refunds because they are loyal to AMC (like me, unfortunately).

        …and that’s without factoring in the legal implications and ramifications. This is going to VERY interesting.

        I hope Ted and Mitch are documenting all of this, because it’s going to make one heck of a movie!

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      4. Agree, but that’s why I questioned your point #3 above. “AMC doesn’t cave”… I don’t see how you conclude that things go back to the way they were. It doesn’t matter how many cancel their MP subscription because they are loyal to AMC. Even at 100% AMC loses if they go back to attending at the same frequency they did before MoviePass. Since we can reasonable conclude it will be less than 100%, it is easy to conclude that AMC loses. The only way it goes back to the same is if MP goes out of business.

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      5. In #3, I also said, “However, they do start to lose some customers”. I don’t think it goes negative overnight because the number of people that stop going altogether won’t be significant (especially not instantly). Plus, the public hasn’t really seen the impact of MP on AMC (only those ~400,000 customers who got MP in the second half of Q3 have been reflected in their financials), so the negative impact won’t really be seen until Q1 gets reported (months after what I’m betting will be a strong Q4 report).

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      6. p.s. Personally, I may stop using MP but still go to AMC more than I did, because I’ve gotten used to the idea of going more often (only a little more often, but any non-negative number is neutral or positive).

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      7. Sorry Mark. You are not a good example to rely on. You are a millionaire so the cost is insignificant to you. Most MP subs are not. Also, if MP cuts off all AMC I do not think Q4 report is released and the Q4 impact of MP is now known, but the forward impact of being cut off is not known at the same time. That is where I am getting hung up on your logic in point 3. I supposed Wall Street could assume that the MP/AMC standoff is amicably settled and therefore ignore that issue, but risky bet when Wall Street tends to dislike uncertainty.

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      8. FYI, I don’t act like a multimillionaire in my lifestyle. More like a retired person, but it’s a moot point. I don’t debate opinions, I respect them (while seeking facts). So, we’ll see how things turn out.

        For now, I’m up about 3% on my six-figure bet that AMC would recover its 4.5% loss from that news. If i take that off the table, the gain will at least cushion any loss I might incur on the rest of my position 🙂

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      9. Ok, Mark I have to make 1 more point. Had you bought HMNY instead of AMC after their 4% drop on the news, you would be up about 11% right now (as of 1:27 CT). That is not opinion. That is fact. 🙂

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      10. …and now? 😉 HMNY -12% and AMC +12% since this comment.

        I’ve said it over and over — over time, fundamental research trumps trading (not every time, but over time).

        The list of richest people is dominated by investors. The most successful trader I could find (Richard Dennis) wouldn’t even make the top 2,000 (number of billionaires worldwide).

        Even Investopedia’s top 10 traders list is dominated by investors. Only FOUR of the 10 were actually traders (and one went broke / suicide, while another went to jail), leaving Richard Dennis and William Gann (ever heard of them?).
        https://www.investopedia.com/articles/active-trading/041515/worlds-10-most-famous-traders-all-time.asp

        Just sayin (as I’ve been saying since 2009). I often get comments, but I’ve never had someone come back years later and say “I told you so”.

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    1. I’m being much more careful and picky about what gets added and written about these days. The liability associated with these things is much higher than people think. The government just lets most of it go because it’s become impossible to police everything since the internet exploded. You’d be surprised…

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  2. Interesting article. I’m curious about why you (and Moviepass, it seems) don’t consider the operating income of the major theatre companies. Margins are notoriously razor thin.

    While the operating revenue of those major theatre chains are huge (in the 3.3-4.5 Billion dollar range), the operating income is much lower (in the 100-200 million dollar range). Where does moviepass figure to fit in when demanding 20% of concessions? If you consider that a lot of what MoviePass contributes won’t even be profit, how much of a player are they in the big picture?

    Their misleading numbers, and symbiotic relationship they are running on don’t jive with me. Moviepass is dependent on theatres for their product. Theatres don’t “need”, nor did they ask for MoviePass. They’re not like Netflix in that they don’t control the distribution. Honestly, them trying to strongarm theatres is shady business. If they succeed, I think long term, the movie experience gets worse, not better.

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    1. I don’t understand what you’re trying to say. ” I’m curious about why you (and Moviepass, it seems) don’t consider the operating income of the major theatre companies.”

      Considering the theaters’ operating margins is exactly what I’ve done. I concur with your statement in that regard and believe that there is substantial room for operating margin expansion, particularly at the highly-leveraged AMC.

      For the record, I am currently neutral on MoviePass (no holdings either). I would be bullish if not for my serious doubts that they can achieve a level of profitability that will justify the upfront investment they have made. Dilution and debt could keep EPS minimized, even if E materialized (another doubt I have).

      I have, however, become less negative / more positive over the past couple of weeks because of their foray into movie investment. Nobody has discussed the downstream value of a movie… nor how the first-week success impacts its long-term value. There’s a play for MoviePass there. I just haven’t calculated whether it’s enough to move the needle enough to produce earnings, especially relative to its debt and share count.

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      1. I mean in their misleading claims about how much they contribute into profitability.

        That $135 MM is part of operating revenue, so the actual contribution is, as I think you mentioned, closer to 4%. This is not significant enough of an impact for moviepass to try to claim $3 per ticket and 20% of concession sales. Especially since this seems like you are considering the margin, without the operating costs. Moviepass does not contribute to the expense of running a movie theatre. This margin is extremely important. Just because moviepass brings in more people does not mean the margin increases.

        The moviepass impact is currently minimal to actual profits. They were in no place to make demands yet. This to me indicates desperation more than strength.

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      2. I tend to agree with almost everything you just said. To be clear, I don’t disagree with anything, but I’m not sure I agree with the final comment about desperation versus strength.

        I estimate that moviepass may be contributing over a dollar of EPS to AMC, which is much less than Ted’s assertion, but still significant enough to make this an interesting game of who will blink first (unless we know FOR SURE that the other big theaters won’t play ball either).

        We also need to better understand the terms & conditions under which moviepass’ current customers subscribe. If they can simply remove AMC from the list of eligible theaters without legal ramifications (bait and switch; refunds; etc.), it might be in their best interests to do so. They are blowing a lot of money to AMC’s benefit.

        Lastly, I think they should be more clear about their claim on three dollars per ticket and 20% of concessions. There is NO WAY they’re getting that on all tickets… only tickets purchased thru moviepass. From that perspective, three dollars and 20% of concessions is aggressive, but not unreasonable because those theaters are currently making $0 (no ticket $ and no concession $) on those empty seats.

        Think of it this way – if a 200 seat theater is 50% empty every Tuesday night and you offer the owner to fill those seats (let’s say, via a Tuesday Night Movie Club) for a 50-50 cut of profits, why on earth would that owner not accept that deal?

        We have to consider all the positives and negatives… along with anything YOU would do if you were the CEO of moviepass.

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      3. Trying to reply to the comment that you made but for some reason it won’t let me.

        I think that it is certainly an interesting game of who will blink first, but any chain cutting a deal puts a bad precedent on all the major chains for introducing a middleman into a profit stream that just isn’t that large to begin with.

        On the other hand, why wouldn’t MoviePass try to make a deal with another chain like Regal (who users claim are very MoviePass friendly), in order to try to prove their worth to AMC, who is clearly not open to negotiations on this? Wouldn’t a partnership like that prove to be an even bigger power move than trying to strongarm someone who is not interested? A reasonable thought like this is what leads me to believe that MoviePass didn’t think this through as much as they should have, and is more desperate than we are led to believe. Was the 4% impact really the time to make these demands and plays?

        To be clear, MoviePass can (and apparently Ted thought to do so before being talked out of it) remove AMC from its service at any time it chooses. Doing so would likely ruin them though, as they currently advertise that they are available in over 90% of theatres in the country. Removing AMC takes out 20% of eligible theatres (and probably an even higher percentage in major cities, where AMC tends to have a higher market share). Moviepass is dependent on theatres to provide the service they sell. Without theatres, there is no MoviePass. Not so much the other way around.

        Also, I understand that MoviePass would only be asking for discounts on tickets that they sell. 20% of concessions however, would that be restricted to Moviepass tickets only? How would that even be managed? That would be adding a lot of infrastructure over various chains and payment systems, and is technology that MoviePass themselves have admitted “just isn’t there yet”.

        Finally, what happens if theatres develop their own subscription models? They exist already in Europe, and are controlled by the chains. The new parent company of Regal has them overseas.

        Has the unwelcome middleman approach ever worked (serious question here)?

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      4. “introducing a middleman into a profit stream that just isn’t that large to begin with”

        1. Disagree… because MP is ADDING GREATLY to that profit stream. AMC is likely the first target because their EPS is being most impacted. I’ve done the math and recommend everyone do the same before casting an opinion… facts beat opinions 😉

        2. Ted is bold and Mitch is pragmatic. That makes for a good team, so I wouldn’t judge the company on a minor data point, like Ted being Ted. Ted is always Ted!

        3. FWIW, I think movie pass CAN continue without AMC. They have built a name for themselves, so after a period of turbulence with the customer base, I think they would come out of it just fine, albeit with less customers and a smaller opportunity (which I have been predicting for awhile anyways). Business isn’t about absolutes.

        4. Managing the collection of ticket or concession revenue would be easy to solve. EASY… and without adding infrastructure at the theater level. Talk to them about it. That’s another MAJOR mistake investors are making. I don’t understand how you can make a large investment in a company without speaking to Management. I really don’t. Without speaking to Management you have no idea what they spend 100 hours a week thinking. We spend what? One hour day? That’s nothing. They have figured out 100 times more than any of us have even considered yet. That’s not me defending movie pass. That’s just a fact of almost every management team for almost any public company (regardless of whether the company or management team is any good…LOL).

        5. movie pass is coming at it from a completely different angle, which I don’t believe the theaters can match. That’s not to say that they will be successful with it. I am definitely not saying that right now (remember, I am currently neutral on that topic). I am merely saying that they are coming at it from an angle that the theaters cannot match. They are looking to do things that they haven’t even talked about yet. I can envision many ways that they can make money beyond what they have done so far, which is a critical error that the bears are making. That’s not to say that the balls are correct. If anything, I am still leaning towards being bearish, but I am never 100% bull or bear. I pay attention to all of the facts and don’t fight against them. That’s a sure recipe for disaster.

        …and remember, I’m NEUTRAL right now. I’m not agreeing and/or disagreeing with you randomly. I let the facts and calculations tell me how to feel. I would say that 99.9% of people have yet to even attempt the math that I’ve completed. That’s not a pat on my own back. Doing math is easy. I’m just the only one that has done it.

        Excuse any grammar mistakes and cheers!

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  3. Mark, just saw this little tidbit, as I’m sure you’re aware Maxin Group are a bucket shop specializing in shorting, so I don’t see this as positive but what are your thoughts?

    Non-deal roadshow: Helios & Mattheson Analytics (NASDAQ:HMNY) should be watched for news on Feb. 13 with a group lunch hosted in Maxim in New York including MoviePass execs. Is this the kickoff for a MoviePass IPO push? In case you missed it, MoviePass has cruised right past the 2M subscriber mark.

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      1. We’ll see, maybe I’m wrong, but my inclination is that they’ll write a report recommending going SHORT based on what I’ve seen from past Maxim “research”

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  4. Here’s what I mean, they couldn’t say enough negative about this co. (which I’ve owned for almost 10 years) and after their SHORT recommendation the shares went to $129, they’re at $95 now after a selloff in last 7-10 days

    FIZZ Sell Target Price: $40.00 Closing Price: $95.16 Market Cap (M): 4,434

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