Snap Reports Earnings and AMC Reopens New York Theaters
Some analysts believe the social media is destined to reach a record high when it reports earnings this afternoon. The company’s price is up more than 200% from its mid-March low. Snapchat reported impressive user growth in the second quarter and investors believe that momentum continued through this quarter.
The report is also significant because Snap is the first major internet company to give earnings this quarter. Investors will be looking closely at Snap’s reports to see what they can learn about advertising trends across the industry.
AMC Entertainment Holdings
The movie chain announced it will be reopening theaters in New York state starting this Friday, and its stock price responded well moving up nearly 17% yesterday. The reopening will only be 12 theaters, but it is largely symbolic because New York has had some of the strictest coronavirus restrictions of any state in the country.
If the reopening goes as planned, AMC will be operational in 44 of the 45 states where it has theaters. This is contrasted with Regal Cinemas, which announced a few weeks ago it would close all its theaters in the country. Will Regal’s concern with safety pay off, or will AMC’s ambitious business plan give them valuable profits while its competitor stays dormant?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.