Why AMC Entertainment Stock Rallied 10% at the Open Today
Shares of movie theater operator AMC Entertainment (NYSE: AMC) rallied a quick 10% at the open of trading on March 11. That comes a day after the company reported earnings, news that was released after the close of trading on March 10. But today's gain needs to be taken with a grain of salt.
AMC's top line came in at $162.5 million during the fourth quarter of 2020, down from $1.4 billion in the same period of the previous year. That's a huge 89% decline. The adjusted loss for the quarter, meanwhile, was $3.15 per share, down from a profit of $0.35 in the prior year. These are truly dismal results, but, to be fair, they were driven by the coronavirus pandemic and the worldwide efforts to slow its spread. Investors were upbeat, anyway.
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Source Fool.com
