Why Cinemark Is Jumping 10% Today
Shares of Cinemark Holdings (NYSE: CNK) were jumping 10% higher in morning trading Monday after New York Gov. Andrew Cuomo said on Saturday that many of the state's movie theaters could reopen beginning Oct. 23. Only those located within New York City will be prohibited from opening.
Movie theaters began reopening in August after having closed their doors for months due to the coronavirus pandemic. Without a source of revenue, theater operators were in danger of going bankrupt, and AMC Entertainment (NYSE: AMC) was forced to negotiate its debt with lenders to keep that from happening.
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Source Fool.com
