Why AMC Entertainment, Cinemark, and Marcus Crashed Hard Today
Stocks in the movie theater industry had a very bad day on Thursday. As of 3:18 p.m. EST, AMC Entertainment (NYSE: AMC) traded 18.4% lower and Cinemark (NYSE: CNK) showed a 19.5% drop. Smaller rival Marcus Corporation (NYSE: MCS) kept a relatively stiff upper lip with a smaller price cut of 11.2%.
The theater chain operators plunged in unison as major movie studio Warner Bros. announced that its entire slate of films in 2021 will open simultaneously in theaters and on the company's HBO Max video-streaming service. Warner's parent company, telecom giant AT&T (NYSE: T), barely moved on the news.
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Source Fool.com
