Stock Market Today, July 20: AMC Surges on Earnings Beat and Record Revenue
AMC Entertainment Holdings (NYSE:AMC), the movie theater operator with U.S. and European cinema locations closed at $2.46, up 26.8%. The stock soared after Q2 results topped estimates, with investors now watching attendance, cash flow, and debt.
Trading volume reached 181.9 million shares, coming in about 342% above its three-month average of 41.1 million shares. AMC Entertainment Holdings IPO'd in 2013 and has fallen 99% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.19% to 7,443, and the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.05% to 25,508. Among movie theater peers, Cinemark Holdings (NYSE:CNK) rose 5.10% to $31.97, while IMAX (NYSE:IMAX) fell 1.66% to $38.60, highlighting mixed sentiment across the group.
What this means for investors
It was a double dose of good news for AMC Entertainment today. Second-quarter results beat expectations with reported adjusted earnings of $0.14 per share. It also generated $1.6 billion in revenue, marking the highest quarterly revenue and adjusted EBITDA in its 106-year history.
Additionally, the weekend’s box office, led by The Odyssey, brought more than 4.3 million moviegoers to AMC theaters globally.
CEO Adam Aron stated, “It is clear that our operating results so far this year are vastly improved. AMC has often been underestimated, and yet we continue to outperform.”
Investors clearly agreed with the stock soaring today. Investors still need to monitor the company’s debt level, as it raised billions to survive the extended slump triggered by the pandemic. AMC does look to have its business back on track, though, as long as movies continue to attract viewers.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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