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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. New York City cinemas can resume operations March 5 and the chain said yesterday it will have its doors open.

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