AMC Entertainment Shares Rise on Record Revenue and Apple Shares Rise on News of Upcoming Event
On Tuesday, shares of AMC Entertainment jumped, closing up 8.66%.
Shares of the American movie theater chain jumped after the company announced a new admissions-revenue record on Labor Day.
Over the Labor Day weekend, 2 million people saw movies at AMC theatres throughout the United States. In addition, AMC’s foreign cinemas in Europe and the Middle East attracted an extra 800,000 visitors. The figures beat the previous admissions-revenue high of Labor Day weekend in 2013.
Adam Aron, chairman and CEO of AMC Entertainment, said, “This is the very first weekend that our attendance numbers were ahead of those of the same weekend pre-pandemic since we closed our theatres in March of 2020.”
Shares of AMC Entertainment have fallen 13% in the past three months.
On Tuesday, shares of Apple rose, closing up 1.55%.
Shares of the American multinational technology titan rose after the company sent out invites to its September 14 “California Streaming” event.
On Tuesday, Apple piqued the bulls’ interest by sending out an email save-the-date reminder for a September 14 event dubbed “California Streaming.” The invitation is expected to spark rumors about Apple releasing a slew of new streaming content aimed at Amazon and Netflix.
Apple is also expected to announce its new iPhones, even though the invitation today implies a strong focus on streaming. Nevertheless, Wall Street experts are bullish on what might be the iPhone 13.
Shares of Apple are up 24% in the past three months.
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