Movie theater stocks were mixed Friday as the industry absorbed shock waves from Warner Bros.’ window-smashing announcement the day before when the cinema group collectively plunged by double digits.
The smaller, publicly-traded U.S. chains have lower debt and are in better financial shape. Third- and fourth-ranked circuits Cinemark and Marcus both rose by more than 8%. Imax gained nearly 4%.
But AMC Entertainment, the largest and most indebted of the group, extended losses, closing down 3.4%, off its low for the session but extending a hefty 21% drop on Thursday. AMC yesterday filed to sell up to 200 million shares to raise desperately needed fresh cash.
Shares of financially strapped UK giant Cineworld, parent of Regal, plunged 15% on the London Stock Exchange.
In-theater adverting agency National CineMedia dipped1.6%.
The broader Dow Jones Industrial Average closed up 0.83% in a mildly positive session on hopes that a glum November jobs reports this morning will prod Congress...
The smaller, publicly-traded U.S. chains have lower debt and are in better financial shape. Third- and fourth-ranked circuits Cinemark and Marcus both rose by more than 8%. Imax gained nearly 4%.
But AMC Entertainment, the largest and most indebted of the group, extended losses, closing down 3.4%, off its low for the session but extending a hefty 21% drop on Thursday. AMC yesterday filed to sell up to 200 million shares to raise desperately needed fresh cash.
Shares of financially strapped UK giant Cineworld, parent of Regal, plunged 15% on the London Stock Exchange.
In-theater adverting agency National CineMedia dipped1.6%.
The broader Dow Jones Industrial Average closed up 0.83% in a mildly positive session on hopes that a glum November jobs reports this morning will prod Congress...
- 12/4/2020
- by Jill Goldsmith
- Deadline Film + TV
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