Cinema stock AMC soars 59% premarket, Live Nation up 14% as Pfizer vaccine news sparks rally in event stocks

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AMC Entertainment Holdings Inc.’s beaten-down shares soared a staggering 59% in premarket trade Monday, after Pfizer Inc. and BioNTech SE said their COVID-19 vaccine candidatewas found to be more than 90% effectiive in preventing the virus in trial participants without previous evidence of SARS-CoV-2 infection. The companies said they are planning to submit for Emergency Use Authorization (EUA) to the Food and Drug Administration soon after the safety milestones are met, which is currently expected in the third week of November. The news sparked a massive rally in Dow futures , which were last up 1,400 points, or more than 5%, amid hopes a vaccine will be available sooner rather than later and allow cinemas and other indoor event spaces to allow more customers to enter. Cinemark Holdings Inc. shares soared 20% on the news. Other live event providers also rose with World Wrestling Entertainment In.c up 5%, Madison Square Garden Sports up 5% and Live Nation Entertainment Inc. up 14%.
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