Why Movie Chains AMC Entertainment, Cinemark Holdings, and National CineMedia Skyrocketed as Much as 76% Today
Shares of movie theater operator AMC Entertainment (NYSE: AMC) rose as much as 76% at the open of the trading day on Monday, Nov. 9. Following close behind was Cinemark Holdings (NYSE: CNK), with a gain of nearly 70% out of the gate. National CineMedia (NASDAQ: NCMI) was a relative laggard, posting a jump of only 45% in the first few minutes of trading.
None of these early advances held, however, which probably isn't surprising given the massive increases they represented. That said, the stocks hardly fell back down to Earth. By roughly 10:30 a.m. EST, AMC Entertainment was still up 47%, Cinemark was up 39%, and CineMedia rose 34%. The big news was clearly the positive update on a potential COVID-19 vaccine out of Pfizer and partner BioNTech.
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Source Fool.com
