Two of the three major U.S. stock market indices finished higher on Thursday. The daily gains for the market weren’t in question for much of the day, but a sell-off in late afternoon trading ended with the S&P 500 closing below its intraday highs.
The sell-off was due to reporting that Pfizer (ticker: PFE) would only be able to roll out half the vaccine doses it originally expected to produce by the end of this year, due to supply chain dysfunction it has recently discovered.
Hope for a vaccine, of course, has been one of the main bullish catalysts driving the market higher. The Dow Jones Industrial Average added 85 points, or 0.3%, to finish at 29,969.
Movies done differently. It looks like theaters won’t be back to normal anytime soon, with Warner Bros. vowing to launch all its 2021 theatrical releases simultaneously via its parent company AT&T’s ( T) streaming platform, HBO Max.
AMC not doing well. At the same time Warner Bros. is switching up its game plan, the world’s biggest movie theater chain is a little too invested in its business model to change things up now. In fact, AMC Entertainment Holdings ( AMC) announced it would be seeking to sell more than $700 million in new stock in an equity offering as it tries to make ends meet in a hellish year for live entertainment venues.
The company said that failing to raise enough money through this equity offering could force it into bankruptcy. AMC stock fell 16% on Thursday.
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Warner Bros. Streaming Releases in 2021; AMC Stock Plunges originally appeared on usnews.com