Why Cinemark Holdings Stock Jumped as much as 11% on July 15
Shares of movie theater operator Cinemark Holdings (NYSE: CNK) rose roughly 11% in the first hours of trading on July 15. There was no specific news out of the company, but Moderna reported positive results on a key COVID-19 vaccine trial. It could be important for Cinemark, at some point.
Movie theaters are seen by many as a breeding ground for the coronavirus, which tends to spread easily in group settings. So it wasn't much of a shock that Cinemark's business was essentially closed down when the government began its efforts to slow the spread of COVID-19. In fact, the company won't even start to reopen its theaters until July 24. In some areas of the country that might not even be the right date, as states seeing an uptick in coronavirus cases are starting to rethink their reopening plans.
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Source Fool.com
