Why Cinemark Holdings Was Jumping 10% Higher Today
Shares of Cinemark Holdings (NYSE: CNK) were jumping 10% higher in afternoon trading Wednesday after rival AMC Entertainment Holdings (NYSE: AMC) updated the markets on its reopening plans following yesterday's close. AMC's stock was up 17%.
The movie theater industry was devastated by the coronavirus pandemic, which forced operators to close all of their theaters for five months, a condition that nearly bankrupted AMC. But they recently began reopening, and yesterday AMC said it would have 70% of its locations open in time for the upcoming Labor Day holiday weekend.
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Source Fool.com
