AMC Entertainment (NYSE:AMC) is seeing shares of AMC stock fly higher on Monday despite no new news from the movie theater company.
Here’s what investors need to know about the news moving AMC Entertainment stock today.
- The increase to AMC stock comes alongside an announcement from Pfizer (NYSE:PFE).
- The company notes that it’s making positive progress with its vaccine for the novel coronavirus.
- That includes interim results from a Phase 3 clinical trial being good.
- PFE notes that patients in the study that haven’t been infected by the coronavirus as seeing the vaccine work for them.
- This was confirmed by an external, independent data monitoring committee.
- The company notes that it expects to be able to create 50 million vaccines in 2020 and $1.2 billion during the following year.
- That’s great news for AMC Entertainment as it needs people to come back to theaters to watch movies.
- The coronavirus pandemic hasn’t been kind to the movie theater industry and there’s no doubt that AMC wants a return to normal.
- On that same note, investors in AMC stock are likely boosting shares today with excitement about the positive news for AMC Entertainment.
- AMC Entertainment is far from the only company that is benefitting from this news today.
- The announcement from Pfizer also saw several cruise stocks soaring higher today.
- That’s no surprise as cruise companies have also been feeling the negative effects of the coronavirus on their business.
AMC stock was up 60.3% as of noon Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.