Why AMC Entertainment Dropped Over 10% Today
Shares of movie theater operator AMC Entertainment (NYSE: AMC) tumbled more than 10% today, after Federal Reserve Chairman Jerome Powell weighed in on the prospects for an economic recovery and promptly scared the heck out of everyone.
The hope has been all that we'd need for the economy to get going again was to open up the states and allow businesses to get back to work. Things could then pick up about where they left off.
Powell's comments today, however, threw all the wet towels on that idea, saying it was "highly uncertain" the economy would quickly bounce back. He noted, "The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II."
Source Fool.com
