Why AMC Entertainment Stock Popped Nearly 10% Today
Shares of cinema-operator AMC Entertainment (NYSE: AMC) jumped nearly 10% in early trading on the day before Thanksgiving, before settling down to end the day with a 6.7% gain. You can probably thank New York-based investment management firm Mittleman Brothers for that.
Earlier in the day, the NYC-based investment-management firm published its latest quarterly report in which Mittleman described how AMC had become one of the company's top performing portfolio holdings in the quarter ending in September 2019. Including dividends (AMC pays a big honking 10.1% annual dividend yield), AMC shares returned 17% for Mittleman in the quarter, despite box-office receipts falling 5.5% year to date at the cinema chain. These enticing returns could be what attracted new investors to the stock today.
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Source Fool.com
