Michael Pachter New York Los Angeles county Andrew Entertainment film infection Michael Pachter New York Los Angeles county Andrew

AMC Entertainment Stock Pops In Glum Market As NYC Cinemas To Reopen; Industry Awaits Los Angeles


Shares of the nation’s largest theater chain bucked a down market Tuesday, fortifying their advance of the day before after news that cinemas in New York City will open soon after a year-long lockdown as Covid infection rates fall in the city and state.AMC Ent.

stock is up 16% in late morning trades after surging 15% yesterday (the jump this time more on fundamentals not the Reddit-fueled buying frenzy that gripped it last month, then subsided).

All major stock indexes are down. Wedbush analyst Michael Pachter called the announcement by New York Governor Andrew Cuomo a “ray of light” for AMC, whose NYC locations are among its highest performing theaters.

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