Why Movie Theater Stocks Were Climbing Today

Shares of movie theater stocks, including AMC Entertainment Holdings (NYSE: AMC), Cinemark Holdings (NYSE: CNK), and National CineMedia (NASDAQ: NCMI) all rose today after Moderna announced positive phase 3 results for its coronavirus vaccine.

The biotech company said this morning that its coronavirus vaccine had a 94.5% efficacy rate in late-stage trials on a pool of more than 30,000 participants. Moderna said it expected to have 20 million doses of the vaccine ready by the end of the year, and would produce between 500 million and 1 billion doses in 2021.

The news follows last week's announcement from Pfizer and BioNTech that their coronavirus vaccine was successful in over 90% of participants in phase 3 trials. Moderna's momentum builds on the market's belief that vaccines will bring about an end to the pandemic in the coming months, possibly as soon as April, according to Dr. Anthony Fauci, and the news helped boost so-called "recovery stocks," many of which are in consumer discretionary sectors that are sensitive to social distancing restrictions.

Source Fool.com