Why AMC Entertainment Stock Was Skyrocketing Today
Shares of AMC Entertainment (NYSE: AMC), the world's biggest movie theater operator, were soaring today on a report in the Daily Mail that Amazon (NASDAQ: AMZN) was considering buying the movie theater chain. Like much of the entertainment industry, AMC stock has fallen sharply during the pandemic as its theaters in the U.S. and much of the rest of the chain remain closed, and its future is highly certain.
The stock jumped on the news, as it gave investors hope for an exit strategy. As of 10:23 a.m. EDT, the stock was up 28%. It had gained as much as 56% earlier in the day.
Image source: AMC Entertainment.
Source Fool.com