Shares of AMC Entertainment Holdings Inc
AMC,
1756%
rallied more than 9% in the extended session on Monday after the movie company announced it would open all of its 13 theaters in New York City from March 5, following the state’s decision to allow limited-capacity theaters to open AMC is the city’s largest cinema operator, said the company AMC will enforce social distancing and automatic seat blocking, enforce masks and improved filtration systems, among other measures, he said “Gov Cuomo’s announcement to reopen New York movie theaters in the first week of March is another important step in restoring the health of the movie industry and our business,” said Chief Executive Officer Adam Aron in a press release

Shares of AMC Entertainment Holdings Inc undefined rallied 38% on pre-market trading Tuesday, to extend previous 14 sessions 9% increase, fueled by New York government Andrew Cuomo’s announcement that New York cinemas may 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 “radius of light “for society “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% year-to-date, while the undefined S&P 500 has gained 32%

AMC Stock

World news – US – AMC stock rebounds 9% after plan to reopen theater in New York

Source: https://www.marketwatch.com/story/amc-stock-rallies-9-after-theater-reopening-plan-in-new-york-city-2021-02-22