Cinema Stocks Drop Up to 31% as Coronavirus Shuts Theaters, Delays Releases
Entertainment stocks continued to take a hit on Monday as the spread of the novel coronavirus throughout U.S. cities forced the closures of bars, restaurants and movie theaters, while leading many major publicly traded companies to suspend certain business operations. At this point, almost all sectors have been impacted by fears over the spread of COVID-19. On Sunday, following a weekend in which social media was flooded with photos and video of people interacting with crowds, the mayors of both New York City and Los Angeles made the decision to close bars, prevent dine-in seating at restaurants and shut down movie theaters. On Monday, shares of movie-theater chain AMC Entertainment were down more than 19%. Shares have fallen more than 31% in the last five trading days, and nearly 63% in the last month. Movie theater stock movements AMC Theatres (AMC): -19.25% Regal Cinemas (CINE): -15.14% Cinemark Holdings (CNK): -31.09% Marcus Corp. (MCS): -26.65% Imax Corp. (IMAX): -17.57% Also Read: US Box Office Falls to Lowest Level in 2 Decades as 100-Plus Movie Theaters Close Regal on Monday said it’s closing all of its theaters across the country indefinitely. The theater chain didn’t say when it might reopen, but the...
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