AMC Entertainment (NYSE:AMC) is seeing shares of AMC stock fly higher on Monday despite no new news from the movie theater company.
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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.
