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Shares of AMC Entertainment Holdings Inc. rose Thursday after the announcement that a Taylor Swift movie is coming to theaters in October, but the stock still wasn’t out of the woods in the midst of a rather cruel summer for investors.
AMC
AMC,
said the concert film titled “Taylor Swift: The Eras Tour” will open on Oct. 13, with tickets now on sale on the theater chain’s website and on Fandango.com.
“This marks the inaugural step of a new line of business for AMC Entertainment,” AMC said in a statement. “In addition to exhibiting ‘Taylor Swift | The Eras Tour’ concert film at its own theatres, AMC is also acting as the theatrical distributor, securing locations and screens with numerous other movie theatre operators throughout the U.S., Canada, and Mexico.”
The stock surged 3.6% in morning trading. That follows a 16.7% bounce on Wednesday, which was the day after the stock closed at its lowest price — $10.91 — since Jan. 6, 2021.
Despite the two-day rally, the stock has still plummeted 69.9% in August, which would mark the biggest monthly percentage decline since AMC went public in December 2013.
Since Memorial Day, the stock has shed 67.8%, while the S&P 500 index
SPX
has climbed 7.7%.
Adult tickets are priced at $19.89 plus tax, while children’s and senior tickets will be $13.13 each. Those prices don’t include tickets for AMC’s premium large-format screens.
The company said no free movie passes will be accepted, and AMC Stubs members won’t be able to use their membership to reserve tickets.
AMC said Thursday that while it has upgraded its website to handle more than five times the greatest ticket-buying traffic it has ever seen, ticket buyers may still experience delays and possible outages.
Among other movie-theater operators, Cinemark Holdings Inc.’s stock
CNK,
gained 1.9% on Thursday but has slipped 1.9% in August, and Imax Corp. shares
IMAX,
rose 2% Thursday and have tacked on 5.1% this month.
