⏱It's a bad day to be a movie theater

Dec 04, 2020

Good morning everyone. It’s officially Friday which means that nothing is getting done past noon, and that’s okay.

Warner Bros. ($T) announced yesterday that they will be releasing all of their 2021 feature films in theaters and on its HBO Max streaming service at the same time. This marks the first time in history that movie theaters won’t have exclusive rights to new movies. The market was not kind to theater chains on the news — AMC ($AMC) dropped 16% on the news, and Cinemark ($CNK) fell a staggering 22%.

Covid-19 cases are continuing to rise across the nation, and states have been imposing restrictive measures in an attempt to contain the spread. California announced yesterday that they would be issuing stay at home orders for counties where ICU units are above 85% capacity, as deaths and hospitalizations hit all time highs in the US yesterday.

In the weekly jobs report, it was announced that unemployment claims dropped by 75,000 as they fell for the first time in a month. This puts the total at a seasonally adjusted 712,000 — only 1,000 more than the lowest number recorded since the beginning of the pandemic. Economists warn against getting too excited about the numbers though, stating that the week may be an anomaly caused by the holiday.

Southwest ($LUV) released a statement yesterday announcing that more than 6,800 employees are up for a potential furlough in 2021 as the company faces declining revenue caused by Covid. This news comes after negotiations with their union stalled as they asked employees for a general 10% pay reduction across the entire workforce. Union president Jon Weaks called this announcement a “. . .heartless and cutthroat negotiating tactic”

1:15- Rapid fire news to jumpstart your weekend

Sign of the times — Apple’s most downloaded app in 2020 for both iPhones and iPads? Zoom
Time to find out how bad your music taste really is — Spotify released their “2020 Wrapped” yesterday showcasing the user's top songs, albums, and artists of the year.
(Dry) ice cold, but a hot market — demand for dry ice is through the roof as preparations for vaccine distribution get underway

Have a great rest of your day, and we’ll see you tomorrow bright and early!

-The 90 Second News Team

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