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AMC Jumps as it Reopens in California; Most Theatres Back In A Week By Investing.com

© Reuters

Dhirendra Tripathi

Investing.com – AMC Entertainment (NYSE:) shares climbed 6% on Thursday, as the company pushes ahead with the reopening of its U.S. theatres.

More than 40 California AMCs, Including all of its theatres in Los Angeles and San Diego counties, will reopen Friday. With additional openings in the U.S. expected over the next week, AMC anticipates that 99% of its U.S. circuit will be open by March 26.

The landing of the $1,400 checks in individual bank accounts under the $1.9 trillion stimulus might also be adding to the positive sentiment for the stock. Many believe a part of that money will go to discretionary spending at cinemas, restaurants and online gaming platforms as consumers thirst for normal. 

Writing for The Motley Fool, Jennifer Saibil said that with the stock up over 400% in the past year on just one-quarter of sales, she wouldn’t recommend buying it at this time.

AMC, the largest theater chain operator,  has 1,004 theatres across the U.S., Europe and West Asia with a little short of 600 of them in its home country.

 

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