2) US Vaccine Available To All in 2Q; Theatres Also Gets Shot in Arm With Reopenings
With cinemas only gradually reopening, 1Q21's box office totaled just under $240 million, an 87% plunge from the $1.83 billion in 1Q20. While that's not totally surprising, 2Q results will be much better, given the success of "Godzilla vs. Kong" even with only 55% of cinemas open. As Regal & AMC reopens more of its theaters in April, 2Q box office may hit $650 million, based on Box Office pro's projections, despite Disney's decision to release highly anticipated summer movies "Cruella" and "Black Widow" on its Disney+ service at the same time as they're available in theaters. Warner's "Mortal Kombat" will be out on April 16.
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MORTAL KOMBAT Trailer (2021) - Source: Film Select
5) Wall Street "Hate-Love" Relationship
Wall Street analysts absolutely HATED the stock in 2020. From May 2020 to March 2021 there wasn't a single BUY rating. B. Riley analyst Eric Wold was the FIRST to put a BUY rating on AMC since the pandemic. On Friday he said that the CEO’s comments on the share authorization should be interpreted as good news on AMC’s cash position for the year.
On Wednesday, Aron told YouTube host Trey Collins in an interview on “Trey’s Trades”: “We hereby pledge at AMC that if the shareholders approve this authorization for 500 million new shares to be issued we will not use one of those 500 million shares in calendar year 2021. Not one. Not one.”
Aron also said AMC still has authorization to issue 43 million shares “that we could use if we wish to raise some cash, if we decide that’s a good idea. We have made no decisions yet. We are thinking about it, but we haven’t made any decisions yet.” Excerpts of the interview were disclosed in a securities filing dated Thursday.
Over the past year Wall Street analysts still keeps a fairly high rating on the stock,
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