Long Island Iced Tea Soars 200% After Renaming Itself Long Blockchain

Long Island Iced Tea Soars 200% After Renaming Itself Long Blockchain

(LTEA), a microcap stock that has mostly coasted along for most of this year, shot up by more than 230 percent this morning, after announcing a pivot towards blockchain technology and a name change to Long Island Blockchain Corp. The stock grabbed 8 new institutional investments totaling 45,289 shares while 1 institutional investors sold out their entire positions totaling 1,200 shares.

The blockchain effect on stock prices strikes again.

While it's clear that blockchain technology is important and that bitcoin and other cryptocurrencies like ethereum, litecoin and ripple are not going away, there is now too much hype surrounding bitcoin and blockchain.

Bitcoin-related stocks like NVIDIA and AMD are capitalizing on the craze, but so are little-known companies like Riot Blockchain, which was a struggling biotech company that had gone through several name changes (most recently Bioptix) but saw a smaller, yet phenomenal rise in share price after switching focus to crypto and adding "blockchain" to the name.

And two tiny penny stocks, tobacco company Rich Cigars and e-cigarette firm Vapetek, shot up after saying they were now blockchain companies too. It didn't say what the new symbol would be.

Long Island Iced Tea said it was in the "preliminary stages of evaluating specific opportunities" for blockchain. A request for comment from chief executive officer Philip Thomas wasn't immediately returned.




Here's the thing though.

280% 625% in the pre-market after the company announced it was rebranding itself as Long Blockchain Corp. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

10% Owner, Heron Bay Trust, purchased 123,372 common shares of Long Island Iced Tea Corp.

A 450-percent gain, where it traded at one point in the premarket, for 9.76 million outstanding shares, according to FactSet, would still give the company a market value of just about $138 million, tiny by Wall Street standards.

Many financial managers have advised caution investing in the budding new entrants to blockchain technology.

Related Articles

  • Facebook slams infringing content in first half of 2017

    Facebook slams infringing content in first half of 2017

    Sonderby added Facebook "carefully scrutinize" each request received for account data to ensure it's legally sufficient. Preservation requests were 1166, and requests for users or pages were 1,629.
    Lady Gaga Confirms Las Vegas Residency

    Lady Gaga Confirms Las Vegas Residency

    Discussing her illness, Gaga said: "I have always been honest about my physical and mental health struggles". Lady Gaga performs for the five former U.S. presidents, Jimmy Carter, George H.W.
    Two flights canceled at Colorado Springs Airport due to Atlanta power outage

    Two flights canceled at Colorado Springs Airport due to Atlanta power outage

    Biscaro did get her bags in Raleigh after waiting a few hours for the next flight to arrive. Everything was at a standstill on Sunday about 1 p.m., the same time Williams had arrived.
  • Apple reportedly slows down older iPhones to reduce battery issues

    Apple reportedly slows down older iPhones to reduce battery issues

    The system works by limiting power drain on older batteries , batteries with low charge and when in cold environments. Lithium-ion batteries are commonly used in mobile devices, and charging capacity naturally wanes with use and time .

    General Mills Reports Q2 Financial Results

    Integrated Wealth Management increased its stake in shares of General Mills by 0.6% in the first quarter. (NYSE: GIS ). Japan-based Mitsubishi Ufj And Bk Corporation has invested 0.07% in ServiceNow, Inc. (NYSE: GIS ) for 46,119 shares.
    Magic Leap Unveils AR Goggles

    Magic Leap Unveils AR Goggles

    For years, Magic Leap has raised astronomical rounds of funding from the likes of Google and Alibaba , Fidelity and JP Morgan. We are more of a premium artisanal computer, " suggesting we are nearly certainly talking about several thousand dollars.
  • Flu activity in Kentucky now 'widespread'

    Flu activity in Kentucky now 'widespread'

    He said: "Over 1,000 extra deaths happened last winter as a result of the flu, not directly but indirectly". And if you get the flu despite getting the vaccination, it's often a milder case.
    Storms bring rain, then snow to Central New York this weekend

    Storms bring rain, then snow to Central New York this weekend

    Cold air blowing in that night could create some widespread snow, with more lake effect snow near Lake Erie and Lake Ontario. Eventually the air will warm enough for precipitation to fall as just rain Friday night into Saturday .
    Date for legalized pot is 'next summer' - not July 1, Trudeau says

    Date for legalized pot is 'next summer' - not July 1, Trudeau says

    Going forward, Trudeau vowed to clear all family vacations with the ethics watchdog in advance in order to avoid conflicts. The Conflict of Interest Act came into force in 2006, under former prime minister Stephen Harper.
  • Tampa Bay Rays say goodbye to Evan Longoria

    Tampa Bay Rays say goodbye to Evan Longoria

    The team has been shopping pitchers Chris Archer, Jake Odorizzi and Alex Colome to varying degrees this offseason. Longoria, 32, won his third Gold Glove in 2017 but struggled offensively, hitting.261 with 20 homers and 86 RBIs.
    Treasuries Close Firmly Negative As House Approves Tax Reform Bill

    Treasuries Close Firmly Negative As House Approves Tax Reform Bill

    More holdout Republican senators- Susan Collins of ME and Mike Lee of Utah - came on board Monday. The House vote was 227-203, with all Democrats and 12 Republicans voting against the bill .
    Japan OKs missile defence

    Japan OKs missile defence

    The new Aegis stations may not come with a powerful radar, dubbed Spy-6, which is being developed by the United States. Japan already has two layers of missile defenses, including Aegis-equipped ships and land-based Patriot batteries.