Cinemark Holdings (CNK) NewsBite - CNK Falls After Announcing 3D Expansion
Posted: Thursday, March 11, 2010 11:00 AM EDT
By: Market Intelligence Center Staff
Cinemark Holdings (NYSE: CNK) opened at $16.79. So far today, the stock has hit a low of $16.57 and a high of $17.09. CNK is now trading at $16.94, down $1.22 (-6.72%). Over the last 52 weeks the stock has ranged from a low of $7.44 to a high of $18.26. CNK announced last night that it will increase the number of 3-D screens at its theaters to between 1,100 to 1,300 by the end of 2010. CNK currently operates 400 3-D screens. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for CNK. If you are looking for a hedged play on CNK the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 20 range. [ABR-Seven Summits Strategic Investments NewsBite]
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