Why AMC Entertainment Stock Went on a Wild Ride Today
Shares of movie-theater operator AMC Entertainment (NYSE: AMC) started the day off higher by around 5%. Then they slowly started to fall, declining by around 5% at around 12:30 p.m. EDT. Then they headed a little higher again, sitting at a loss of roughly 2% at 3 p.m. EDT. What's with the seesaw?
The good news that drove AMC Entertainment's stock higher at the open was an announcement that the company is getting set to reopen theaters in Northern California. Like New York, which recently reopened theaters, California is a very important movie market.
Theaters located in San Francisco and the greater Bay Area are included in this update. The reopenings will start on Oct. 30, which is this-coming Friday. There's no doubt this is good news that's worthy of a price increase, as it gets AMC Entertainment that much closer to business as usual. But business really isn't anywhere near normal.
Source Fool.com
