Shares of AMC Entertainment Holdings Inc
rallied 38% on pre-market trading on Tuesday, to extend the previous 14 sessions 9% increase, fueled by New York government Andrew Cuomo’s announcement that New York theaters can open at 25% capacity next week Wedbush analyst Michael Pachter reiterated the neutral rating he had on AMC for the past 11 months, but said Cuomo’s announcement was a “ray of light” for the company “We believe there is a significant pent-up desire to go to the movies, and this could potentially add significantly to AMC’s March / Q1 and Q2 results given that AMC’s New York theaters are among its top performing theaters in its national circuit, “said Pachter writing in a note to patrons He said the New York move should prompt other densely populated areas to reopen.” That said, we wonder if the pent-up desire will result in demand, as people may remain reluctant to attend the movies until they receive their vaccine, or in the event the transmission rate drops significantly, “Pachter wrote AMC is expected to release its fourth quarter results on or around March 4, but Pachter said the results would be a “non-event” as the focus will remain on liquidity The stock has exploded 2090% since the start of the year, while the S&P 500
won 32%

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Tomi Kilgore is the Associate Editor of Investments and News at MarketWatch and is based in New York City You can follow him on Twitter @TomiKilgore

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World news – CA – AMC Entertainment stock extends rally after analyst calls on NYC to reopen ‘ray of light’