(Bloomberg) -- AMC Entertainment Holdings Inc. shares pared gains to end Thursday lower even after pop star Taylor Swift announced that her recent “Eras Tour” will screen in North American cinemas starting in October.
The stock shed 1.4% to end the regular session at $12.55. Shares jumped as much as 9.2% in intraday trading before reversing those gains. AMC stock is down 69% in 2023.
AMC plans to show the movie at least four times per day on Thursdays, Fridays, Saturdays and Sundays at every one of its locations in the US starting Oct. 13, offering fans who weren't able to secure seats amid widespread ticketing issues the chance to see Swift's show.
The company is also acting as a the theatrical distributor for the film, securing locations and screens with other movie theaters, including Cinemark Holdings and Cineplex Inc., in North America, and Cinépolis in Mexico. Shares of Cineplex, which will screen the film in Canada, gained 3.5%.
Swift revealed the previously unannounced film in a post Thursday on X, the platform formerly known as Twitter.
A pre-sale for tickets started shortly after the announcement. AMC said it upgraded its website and ticketing engines to be able to handle more than five times its previous record demand, but said long wait times and site outages are still possible.
Related: Taylor Swift Announces Second North America Leg of Eras Tour
The theatrical release of the concert comes after more than 3 million fans attended the first of its two US legs. Swift is set to take the tour to South America at the end of the year before heading to Europe and Asia in February 2024. The tour is expected to gross $1 billion.
(Updates stock moves at market close.)
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