Why Cedar Fair Shares Plunged 60% Last Month
Units of Cedar Fair (NYSE: FUN) fell 59.9% in March 2020, according to data from S&P Global Market Intelligence. The coronavirus pandemic has not been kind to theme park operators, and Cedar Point is no exception.
Cedar Fair closed all of its in-season parks in March, in two separate waves, and delayed the opening of the remainder. The closings were originally expected to last through March, but management currently hopes to reopen them in May, "or as soon thereafter as possible."
The stock moved down when COVID-19 news brought the broader market down, and up when the general market was rising. But the bad news came in much faster than the good tidings, cemented by Cedar Fair's park closings.
Source Fool.com
