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AMC - Why Shares of Movie Theaters and Indoor Entertainment Centers Rallied on Tuesday
AMC Entertainment Holdings Inc. Class A
COVID-19 has hit indoor entertainment stocks hard, by keeping large crowds from gathering in tight quarters. But Tuesday brought positive news about a potential vaccine and gave a lift to a lot of beaten-down shares.
Shares of theater chains Cinemark Holdings(NYSE: CNK) and AMC Entertainment Holdings(NYSE: AMC) traded up as much as 13% and 8.5%, respectively, while shares of Dave & Buster's Entertainment (NASDAQ: PLAY) were up 12% at one point on Tuesday.
The stocks are all underperforming the S&P 500 for the year, but at least on Tuesday they are heading in the right direction.