Movie Theater Stocks Rally On Vaccine News, Cineworld Liquidity Lifeline

Movie Theater Stocks Rally On Vaccine News, Cineworld Liquidity Lifeline
Stocks in U.S. movie theater circuits AMC and Cinemark staged rallies today after more positive Covid-19 vaccine news as well as a new financial lifeline for Cineworld.

The UK-based Cineworld, parent of Regal Cinemas, said it secured a $450 million credit facility and an overall infusion of $750 million. On the vaccine front, AstraZeneca said late-stage trials of its vaccine, developed with the University of Oxford, have proven “highly effective,” making it the third promising vaccine to emerge in as many weeks. Millions of Americans could start receiving vaccine in early 2021, offering hope for large swaths of the economy.

AMC shares closed at $3.80, up 13%, their highest level since October 12. Cinemark’s closing price of $15.66 was up almost 7% and its best showing since September 4. In further bullish signs for the moviegoing sector, Imax, Marcus Corp., Reading International and National CineMedia all posted gains of between 3% and 7% during the session.

Cineworld shares rocketed
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