Stock Alert: AMC Entertainment Trading 23% Higher

(RTTNews) - Shares of AMC Entertainment Holdings, Inc. (AMC) are climbing more than 23 percent or $0.97 in Wednesday's morning trade at $5.11. The stock has traded in a range of $1.95 to $15.30 in the past 52 weeks.

In response to comments by Comcast Corp.'s (CMCSA) unit Universal Studio about the simultaneous theatrical and home release of movies, AMC Entertainment said Tuesday it will no longer play any Universal movies in any of its theatres in the U.S., Europe or the Middle East.

AMC Entertainment noted that the policy affects any and all Universal movies per se, going into effect today and as the company's theatres reopen after the coronavirus pandemic subsides.

The theatrical exhibition company said it believes that with the proposed action to go to the home and theatres simultaneously, Universal is breaking the business model and dealings between the two companies.

Universal recently released its "Trolls: World Tour" movie directly to streaming platforms, while movie theaters remained closed due to COVID-19. However, the company said it only pursued the direct-to-home entertainment release for the movie as theaters were closed and it was committed to a lucrative toy licensing deal.