3.9900 +0.18 (4.72%)
After hours: 7:59PM EST
|Bid||3.8500 x 3000|
|Ask||3.9100 x 3200|
|Day's range||3.4100 - 3.8500|
|52-week range||1.9500 - 8.7800|
|Beta (5Y monthly)||2.09|
|PE ratio (TTM)||N/A|
|Earnings date||02 Nov 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||06 Mar 2020|
|1y target est||2.15|
Shares of AMC Entertainment Holdings (NYSE: AMC) were up as much as 14.9% on Monday as more good news about COVID-19 vaccines came out. AstraZeneca was the latest company to release data showing that its COVID-19 vaccine is highly effective. Why is vaccine news driving a movie theater stock higher?
Cineworld (OTC: CNNW.F), the owner of the Regal movie theater chain and the world's second largest cinema operator behind AMC Entertainment (NYSE: AMC), is reportedly in talks with its lenders to negotiate a rescue package that would keep it from seeking bankruptcy court protection. The theater owner has over 800 movie houses worldwide, over 500 of which are in the U.S. It had reopened them in August as local governments allowed the economy to operate once more, but chose to close them all again when movie studios began shuffling off their new releases until 2021, leaving few if any current films to show to audiences. Cineworld is not the only one in dire financial straits.
AT&T (NYSE: T) will be releasing Wonder Woman 1984 (WW1984) on its HBO Max streaming service the same day the movie hits theaters. WW1984 was pushed back multiple times this year due to conditions created by the coronavirus pandemic, and the long delays and challenging theatrical market prompted AT&T to pursue a different distribution strategy. Comments from AMC Entertainment (NYSE: AMC) CEO Adam Aron stating that his company is "fully on board" with the new release plan suggest that AT&T's Time Warner unit may have made a deal with large theater chains regarding the distribution of WW1984.