All articles tagged with #cinemark holdings inc
Shares of AMC Entertainment Holdings Inc. fell 8% on Tuesday, marking its biggest daily percentage decline since November 9. The movie-theater chain is also on track for a two-day losing streak, following a 3.6% drop on Monday. AMC's rival, Cinemark Holdings Inc., also saw a 1.7% decline in its stock, while Imax Corp. dropped 1.2%.
The upcoming premieres of "Barbie" and "Oppenheimer" may not be enough to boost movie theater stocks as a strike by Hollywood writers and actors casts uncertainty over the industry. JPMorgan Chase & Co. downgraded its recommendation on Cinemark Holdings Inc. due to the strike's impact on film supply. The lackluster summer movie season and underperformance of recent releases like "Mission: Impossible" have already dampened theater stocks. The simultaneous strikes by writers and actors, the first in six decades, further threaten the industry's recovery from the pandemic. Theater operators and media companies have slumped, while streaming services like Netflix Inc. stand to benefit. The duration of the strikes will determine their impact on media companies, with some analysts predicting a longer-than-expected duration.