Cinemark News: CNK Stock Pops 7% on Start of Reopenings

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Cinemark (NYSE:CNK) is in the news Friday after its stock got a boost from theater reopenings.

A Cinemark (CNK) movie theater with customers around the entrance
Source: LukeandKarla.Travel/Shutterstock.com

A Cinemark news release notes that the company is reopening its theaters in phases. That starts today and will continue through Aug. 28. With the reopenings, the company can finally start making money again by showing movies.

Cinemark notes that its movie options at the start of reopenings include Unhinged, The New Mutants, The Personal History of David Copperfield, Tenet, and the anniversary re-release of Inception. All os these films, excluding Tenet, currently have tickets on sale.

To go along with the Cinemark reopening news, the company also points out its new cleaning standards. The company is adopting stricter standards for cleanings since its reopening while the novel coronavirus pandemic is underway.

Moviegoers attending showings at Cinemark theaters will also have to follow new restrictions. That includes maintaining physical distancing and staggered seating. Viewers will also be required to wear masks in the theaters but can take them off to eat and drink in the auditoriums.

Mark Zoradi, CEO of Cinemark, said this about the theater reopening news.

“We have been extremely pleased with the results of our 15 test-and-learn theatres across the U.S., which have consistently been top performers among the 500+ indoor theatres opened. These strong results, coupled with consumer feedback, underscore that moviegoing is a favorite global pastime, and our teams are trained and prepared to safely welcome guests back to the cinema.”

CNK stock was up 7.1% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/cinemark-reopenings-news-boosts-cnk-stock/.

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