Cinemark (CNK.US) jumped over 4% as the movie theater chain is seeing positive sentiment after “A Quiet Place, Part II” set a pandemic era box office record. The film made an estimated $48 million between Friday and Sunday, the biggest single-weekend figures since Sonic The Hedgehog in mid-February 2020.
Cinemas across the US have been reopening in recent months and masks are no longer required at the three main movie theater chains (AMC, Cinemark and Regal Cinemas) for people who are fully vaccinated. New guidelines might have contributed to the new post-pandemic box office record. Last week US movie studios and theater chains lunched a “big screen is back” campaign in order to support the return to moviegoing.
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Cinemark (CNK.US) stock jumped amid positive sentiment in the industry, but the share price is still below its recent 2021-highs. One might expect a resistance near $26 mark (mid-March highs). It is worth to notice that the volume has been rising in recent days. Source: xStation5
Taking a look at a weekly interval, it is apparent that movie theater chains are still struggling. Cinemark's local pre-pandemic highs may be found above $40 a share level. The price was hovering around 100-week moving average in recent weeks. Source: xStation5
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