Why AMC Stock Topped the Market on Tuesday
AMC Entertainment Holdings (NYSE: AMC), the reigning king of movie theater operators, was treated like royalty by investors on Tuesday. On the back of quite an encouraging update from the company, they pushed its stock price up by nearly 4% on a down day for the S&P 500 index.
After market close on Monday, AMC published a fresh update on moviegoer traffic to its theaters. The company said in a press release that last weekend's ticket revenue was up 15% from the same weekend in 2019. That's impressive as the latter was in the "before times," i.e., prior to the coronavirus sweeping across the world.
In terms of foot traffic, over 4.9 million movie buffs trekked to an AMC theater to watch a film last weekend. We are now getting into the thick of the summer blockbuster season, an always-critical period for both film producers and exhibitors.
Source Fool.com
