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AMC stock takes a huge hit as Cinemark is reportedly eyeing its theater locations
Movie theaters reeling due to coronavirus restrictions
FOX Business’ Kristina Partsinevelos on how movie theaters are struggling amid the pandemic.
Cinemark may be trying to move in on AMC Entertainment’s movie theater territory, literally.
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AMC’s stock fell almost 18% on Monday, closing at $3.19. Although Cinemark took a bit of a hit as well, it seems to be in better financial shape and may be eyeing property that, for the time being, belongs to AMC.
Both companies rank among the largest theater exhibitors in the U.S. but have been struggling amid the coronavirus pandemic as a combination of wary audiences avoiding the cinema and studios pushing release dates for new movies back into 2021 has caused unprecedented financial strain.
AMC stock dropped another 10% on Tuesday to $2.86, its lowest point since Nov. 6. Cinemark, meanwhile, made up some territory raising 3.5%, though sold off again hours later.
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