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Why AMC Stock Soared Today

TheMotleyFool

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Shares of AMC Entertainment (NYSE: AMC) surged on Monday after the company said it plans to reopen its theaters in New York. As of 2:06 p.m. EDT, AMC's stock was up 20%.

AMC was forced to shutter its movie theaters during the early stages of the coronavirus pandemic. Stay-at-home orders and other social distancing measures enacted to slow the spread of COVID-19 have plagued the industry since then. With many of its theaters closed and those that are open operating at reduced capacity, AMC has burned through massive amounts of cash. The company lost a staggering $561 million in the second quarter.

AMC's investors received some welcome news on Monday. Image source: Getty Images.

Source Fool.com

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