MGM - Why Entertainment Stocks Popped Today
Shares of companies that deliver entertainment to large numbers of people popped on Monday after positive coronavirus vaccine news was released from Moderna . The company said its COVID-19 vaccine is up to 95% effective against the virus and could be approved in the U.S. by the end of the year. It marked the second straight week that started with good news about a potential vaccine.
The reaction from stocks that have been pummeled by COVID-19 was swift. Shares of amusement park Cedar Fair (NYSE: FUN) jumped as much as 10.9% in early trading, entertainment venue Dave & Buster's (NASDAQ: PLAY) was up 12.1%, and MGM Resorts (NYSE: MGM) rose 5.3% at its high. The stocks were up 3.7%, 8.7%, and 2.1%, respectively at 3:35 p.m. EST.
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Why Entertainment Stocks Popped Today