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Cinemark Jumps as It Opens Theaters With Hits From The Past

imageStock Markets5 hours ago (Aug 14, 2020 04:20PM ET)

By Christiana Sciaudone — Cinemark jumped 8% Friday as the company plans to open its theaters to the public.

Cinemark Holdings Inc (NYSE:CNK) joins AMC Entertainment (NYSE:AMC) in reopening despite dire warnings from Dr. Anthony Fauci, the head of the National Institute of Allergy and Infectious Diseases Director.

The U.S. needs to get control of Covid-19 and carefully reopen the country, or the consequences could be devastating, CNN quoted Fauci as saying Thursday in an Instagram interview with actor Matthew McConaughey.

Cinemark will initially show oldies like The Goonies, Back to the Future and Raiders of the Lost Ark at a cost of $5 for adults and $3 for children and seniors. New movies, including Christopher Nolan’s Tenet and Unhinged, starring Russell Crowe, will follow.

AMC is charging just 15 cents when it reopens more than 100 theaters on Aug. 20, which is the chain’s 100th anniversary. AMC will also bring back titles like Back to the Future and Grease.

Tickets at Cinemark will be limited as capacity is cut to accommodate coronavirus prevention standards, and face masks will be mandatory, except for when chowing down on popcorn and other treats.

Cinemark is down 63% since the start of the year, while AMC is down 27%.

Cinemark Jumps as It Opens Theaters With Hits From The Past

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