potential coronavirus vaccine sent shares of movie theater chains soaring on Monday. For the first time in a long time, it seems, cinema owners and investors see hope for a sector that has been decimated by the public health crisis.“We have not heard good news for awhile, and this is unqualified good news,” says Rich Gelfond, CEO of Imax Entertainment. “This is potentially a game changer.
It gives us greater clarity about when and how this pandemic may end.”Buoyed by the announcement, AMC Theatres’ stock rose 51.4%, Cineworld shares jumped 40.25%, Cinemark stock climbed 45.17%, and Imax shares got an 18.61% boost.
To be fair, the share prices were a fraction of what they were pre-pandemic. For instance, AMC closed the day at $3.77 a share,.
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