Why Helios and Matheson Shares Fell Today

Shares of Helios and Matheson (NASDAQ: HMNY) fell today, down by 13% at the close, after rival Netflix (NASDAQ: NFLX) reported stronger-than-expected subscriber growth last night. Helios and Matheson has majority ownership in MoviePass, which has been described as the "Netflix for theaters" and may compete to some degree with the online video streamer.

Netflix added 5.3 million memberships globally during the quarter, setting a new record for Q3 subscriber additions. Netflix had forecast subscriber additions of 4.4 million, and analysts were modeling for 4.5 million in subscriber gains.

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Source: Fool.com