Shares of AMC Entertainment Holdings (NYSE: AMC) jumped on Wednesday after management said it plans to reopen its theaters in July. As of 12:05 p.m. EDT today, AMC's stock was up more than 8%.
AMC was forced to close all of its movie theaters in March after governments issued stay-at-home orders to slow the spread of COVID-19. With little revenue coming in following these closures, AMC quickly began to bleed cash. The chain reported an adjusted net loss of $231.6 million in the first quarter.
But during a conference call with analysts, CEO Adam Aron said the company intends to reopen nearly all of its theaters in the coming weeks. "Our current plan is to have almost all of our theaters globally operating in July, which is in time for and assumes that the industry stays on schedule for Warner Bros.' release of Christopher Nolan's Tenet, currently scheduled for July 17, followed by Disney's release of Mulan, currently scheduled for July 24," Aron said.
Source Fool.com