Cinema Shares Sink Even As Market Rallies; Hit By James Bond Delay, Cineworld/Regal Theater Closings
Exhibition shares headed south Monday amidst a broader market rally as continued delays in big studio releases pushed a major circuit to close its doors, again, and raised a new round of jitters over the long term health of the sector.
Regal parent, U.K. chain Cineworld, which is traded in London, saw its share plunge by 50% (it was down 33% at latest check). Stateside, AMC Entertainment, the world’s largest exhibitor, had dropped 10% in late morning trade; Cinemark nearly 14%; Marcus almost 8% and in-theater ad agency National CineMedia more than 9%. Imax, with a boost from its strong operations China, was steadier but still down about 2.5%.
The drop stood out starkly against an upbeat market. The Dow Jones Industrial Average is up 337 points, or 1.22%. The Nasdaq and S&P 500 are rising on renewed hopes for a stimulus package, and on the possibility that Covid-positive President Trump may be released from the hospital as early as this afternoon,...
Regal parent, U.K. chain Cineworld, which is traded in London, saw its share plunge by 50% (it was down 33% at latest check). Stateside, AMC Entertainment, the world’s largest exhibitor, had dropped 10% in late morning trade; Cinemark nearly 14%; Marcus almost 8% and in-theater ad agency National CineMedia more than 9%. Imax, with a boost from its strong operations China, was steadier but still down about 2.5%.
The drop stood out starkly against an upbeat market. The Dow Jones Industrial Average is up 337 points, or 1.22%. The Nasdaq and S&P 500 are rising on renewed hopes for a stimulus package, and on the possibility that Covid-positive President Trump may be released from the hospital as early as this afternoon,...
- 10/5/2020
- by Jill Goldsmith
- Deadline Film + TV
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