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Movie Theater Stocks Rally On Vaccine News, Cineworld Liquidity Lifeline
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deadline.comDade Hayes Finance EditorStocks in U.S. movie theater circuits AMC and Cinemark staged rallies today after more positive COVID-19 vaccine news as well as a new financial lifeline for Cineworld.The UK-based Cineworld, parent of Regal Cinemas, said it secured a $450 million credit facility and an overall infusion of $750 million.
On the vaccine front, AstraZeneca said late-stage trials of its vaccine, developed with the University of Oxford, have proven “highly effective,” making it the third promising vaccine to emerge in as many weeks.
Millions of Americans could start receiving vaccine in early 2021, offering hope for large swaths of the economy. AMC shares closed at $3.80, up 13%, their highest level since October 12.
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