Why AMC Entertainment Stock Collapsed 11% at the Open Today
Shares of movie theater operator AMC Entertainment (NYSE: AMC) fell just about 11% at the open of trading on Oct. 20. That follows on the heels of a giant advance one day earlier, after news that New York state would start allowing many movie theaters to open again after being shut for months because of COVID-19.
AMC isn't planning to waste any time as it looks to get its New York theaters reopened for business, starting the process this Friday, Oct. 23. To be fair, this is very good news for the company because New York is a key market. However, after a huge run-up the day before, investors appear to be stepping back and reassessing their enthusiasm. That's a good call.
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Source Fool.com
