Movie theater stocks rose in Monday pre-market trading as Wall Street weighed in on the weekend news that New York cinemas outside of New York City will be allowed to reopen at limited capacity. 'This represents a more meaningful move toward reopening.'
"Although movie theaters within the key five New York City boroughs will still remain closed for the time being, we view this as a positive step toward reopening those theaters in the coming weeks," says one analyst.
Movie theaters will have to limit audiences to 25 percent capacity up to 50 people per showing, but exhibitors saw the news as an important victory. "With Governor Cuomo reportedly allowing concessions to be sold at the theaters, we believe this represents a more meaningful move toward reopening the industry in that state versus the more restrictive moves taken by Mayor London Breed a couple of weeks ago toward theaters in San Francisco, with exhibitors in San Francisco opting not to reopen even with that 'green light'," B. Riley analyst Eric Wold wrote in a report.
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