Why AMC Entertainment Stock Fell 5% on Friday Morning
Shares of AMC Entertainment Holdings (NYSE: AMC) fell as much as 5.3% on Friday morning, following renewed tension over a second coronavirus relief bill. The parent company of movie theater chain AMC Theatres recovered to a milder 2.8% drop as of 1 p.m. EST today.
Once again, Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi are locking horns over the need for a new COVID-19 relief bill. McConnell argues that a smaller relief bill is appropriate in light of this week's strong unemployment report, according to Reuters. Pelosi isn't buying that idea because she says the economy is taking long-term damage from the pandemic that cannot be cured by a small relief package.
"That isn't anything that we should even be looking at; it wasn't the right thing before," Pelosi said, aiming for a second stimulus package worth at least $2 trillion.
Source Fool.com
