AMC Entertainment Slashes Dividend, Hikes Stock Buybacks
It's not every day you see a stock soar after it cut its dividend 85%, but investors cheered theater operator AMC Entertainment Holdings (NYSE: AMC) slashing its dividend to $0.03 per share from $0.20 per share. That's because it also decided to initiate a $200 million share-repurchase program.
The movie chain jumped at the opening because it also reported fourth-quarter earnings results that handily beat expectations. AMC said it generated $0.35 per share in earnings in the quarter compared to Wall Street's estimates of just $0.08 per share.
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Source Fool.com
