Shares of AMC Entertainment Holdings () fell hard in early trading on Monday because financial services company Credit Suisse downgraded the stock and sees significant downside due to the ongoing COVID-19 pandemic. As of 11:45 a.m. EDT today, the stock was up just under 1%, but it had been down 10% earlier in the session.
It’s a continuation of a painful journey for AMC shareholders. Over the last three years, shares have lost more than 80% of their value, severely underperforming the market during that time.
AMC has around 600 movie theaters in the U.S., all of which are closed because of the coronavirus. That’s obviously been devastating for revenue. But the company is slated to reopen