Global theater chain AMC Entertainment Holdings Inc. (NYSE:AMC) celebrated e-commerce giant Amazon.com’s (NASDAQ:AMZN) plans to invest up to $1 billion annually in movie theatrical releases. The news pushed the AMC stock up 9.2% in intraday trading on November 23. Amazon’s plan was welcomed with enthusiasm by all cinema stocks as theaters struggle to attract more viewers amidst the competition from online streaming channels. Yesterday, Cinemark Holdings (NYSE:CNK) gained 12.6%, while Imax Corp. (NYSE:IMAX) gained 9.2%. Importantly, sources say that Amazon plans to release between 12 to 15 movies per year, gradually gaining strength starting in 2023. AMC, a meme stock favorite, has been swinging wildly owing to traders’ speculative bets.
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