Shares of out-of-home entertainment companies got a boost from biotech company Moderna’s announcement Tuesday.
As markets reacted enthusiastically to a promising coronavirus vaccine trial, concert promoter Live Nation’s shares jumped 12.2% to $ 52.09 on Wednesday (July 15) before closing at $ 51 , 84, an increase of 11.7%.
On Tuesday, the modern biotech company released the results of an initial study for a coronavirus vaccine called mRNA-1273. The vaccine “elicits a robust immune response “in all trial participants, said medical director Tal Zaks in a statement, and will enter the next phase, with approximately 30,000 participants, later this month.
The jumps in the shares of other entertainment companies reflect how desperate investors were for the good news on the markets that the coronavirus had reached a standstill. Cruise ship shares also rose on Wednesday: Carnival Corporation + 16.22%; Norwegian Cruise Line + 20.7%; and Royal Caribbean Cruises + 21.2%. Theme park company Six Flags Entertainment Corporation rose 13.6%.
Although some states may follow the Governor of California Gavin newsomDespite Monday’s leadership and closing theaters, Wall Street seemed optimistic. Film operator AMC Entertainment Holdings, which plans to reopen theaters on July 30, up 6.6%. Another cinema chain, Cinemark Holdings, rose 15.6%; that plans to reopen most locations on July 24.
The shares of travel companies also increased: American Airlines + 16.2%; Delta Air Lines + 9.5%; Expedia Group + 9.4%; Hilton Worldwide Holdings + 10%; and Hyatt hotels + 9.8%.
Live music has been especially affected since the coronavirus pandemic in the United States in March: concert halls remain closed and tourist artists are trapped at home, which means intermediate professionals (managers, agents, managers business) are also not paid. Some promoters are experimenting with alternative concerts like drive-in, but no major tours or festivals are currently planned for 2020.
