Diversified global diversified technology company Icon Media Holdings Inc (OTCMKTS:ICNM) corrected sharply on Thursday and went down by as much as 17% after having gone through a strong rally previously. It ought to be pointed out in this regard that despite the sharp fall on Thursday, the Icon Media stock is still up by 8% in the past week.
Trading Data
On Thursday, ICNM stock slumped 16.67% to $0.0015 with more than 1.11 billion shares traded, compared to its average volume of 130.96 million shares. The stock moved within a range of $2 0.0013 – 0.0021 after opening trading at $0.0019.
Icon Media Holdings, Inc Announces Letter Of Intent To Acquire Eastwin8 Pte Ltd
The company was actually in the news yesterday after it announced that it had managed to sign a binding letter of intent with regards to the acquisition of the Singapore based fintech and logistics firm Eastwin8 Pte Ltd.
It could be a major new acquisition for Icon Media considering the fact that Eastwin8 is a digital network platform based out of Singapore which helps enterprises in their eCommerce operations through complete integration of the logistics. There are a number of plans that business owners can choose from.
Since eCommerce is expected to grow at a rapid pace in the coming years, such an acquisition could eventually prove to be a significant long term boost for Icon Media Holdings. It could be a good idea now for investors to consider adding the stock to their watch lists and watch for further developments.
Technical Data
ICNM stock is trading above the 20-Day and 50-Day Moving averages of $0.0014 and $0.0012 respectively. However, the stock is trading below the 200-Day moving average of $0.0010.
