Shares of Riot Blockchain and Gogo Inc. were both exploding on Tuesday. While Riot Blockchain didn’t have any immediate news, Gogo Inc. was sailing higher on better than expected third quarter results.Riot Blockchain, Inc. shares closed up 17.53% yesterday on explosive trading volume of about 2.7 million shares. There was no significant news from the company to explain the big gains, but it was at the end of last month that Riot Blockchain announced the termination of the Securities and Exchange Commission Examination previously reported by the Company earlier this year and changes to its Board of Directors. The company also said it appointed Mr. Benjamin Yi to the Board, where he will serve as chairman of the Company’s Audit Committee and chairman of the Investment and Strategy Committee. Mr. Yi is a CFA charter holder and holds a Master of Finance degree from the Rotman School of Management at the University of Toronto. He previously served as an independent director of PetroMaroc Corporation plc, as a member of the board and as a member of the Audit Committee of Android Industries, LLC, and as an independent director and member of the Audit Committee of Woulfe Mining Corporation where he also served as the chairman of the Audit Committee for a period of time.
Gogo Inc. shares were up 26.25% at the close on Tuesday with around 12.5 million shares traded. Average trading volume for the stock is just under 1.5 million shares. The company saw its shares soar after reportingthird quarter results that were better than expected. For the quarter, the company reported that revenue jumped 26%yoy to $217.3 million. Analysts had been waiting for $211 million. A loss per share of 47 cents was reported butstill beat the loss per share of 72 cents analysts were waiting for. CEO Oakleigh B. Thorne said on the earnings call, “We had another strong quarter with all 3 of our business segments coming in ahead of our expectations on every financial metric. And we made good progress on our Gogo 2020 plan as evidenced by our strong cost control in the quarter. Our consolidated EBITDA performance was especially strong at $21 million versus our expectations of around $6 million, with roughly $11 million of the outperformance coming from our CA-NA business and the balance almost evenly split between CA Rest of World and Business Aviation.” Through its subsidiaries, Gogo Inc. providesinflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally.
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