Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

AMC Jumps As California Theaters Opening This Week

Published 03/15/2021, 11:40 AM
Updated 03/15/2021, 01:16 PM
© Reuters

© Reuters

By Dhirendra Tripathi

Investing.com – The AMC Entertainment (NYSE:AMC) rollercoaster ride continues, this time with actual reason. Shares rose 25% after the movie theater chain said it is preparing to resume operations at nearly all of its 56 locations in California.

The reopening, set for Friday, is subject to the approval of local authorities, the company said in a filing. AMC has more than 525 locations through the U.S.

AMC has been a favorite of the Robinhood crowd, pushed by retail traders to a three-year high in late January as they sought to stick it to the man. Shares have since fallen about 30%.

The chain is reopening in two locations in Los Angeles today with the remaining 23 outlets in the county set to start showing films from Friday. Theaters have been largely closed over the past year because of the pandemic. But with vaccinations increasing and the $1.9 trillion stimulus hitting bank accounts this week, AMC could be among the post-pandemic winners. 

Last week, Macquarie raised the price target on AMC noting that consumers are eager to return to their local theaters, according to StreetInsider.  

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.