Hooters stock price jumps 50% when company says the word "blockchain"

The parent company of Hooters restaurants announced it was going to manage its customer loyalty program on a blockchain and issue a cryptocurrency called Mobivity Merit. As a result, its share price jumped 50%.

From CNBC:

"We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is real cryptocurrency, leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more, and will enable our customers to make use of their rewards in entirely new ways," Michael Pruitt, chairman, president and CEO of Chanticleer Holdings, said in a release.

Chanticleer Holdings rose nearly 50 percent in Tuesday trading to almost $4 a share. The Nasdaq-traded stock had a market value of only $8 million through Friday so it's clearly buyer beware.

[via Gizmodo ]

Image: BemLoira BemDevassa/Flickr Attribution 2.0 Generic (CC BY 2.0)

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