Disney has temporarily closed its theme parks in both Shanghai and Hong Kong due to the coronavirus outbreak, and China made the costly choice to close roughly ,000 movie theaters at the start of the Lunar New York, which has weighed on shares of AMC and IMAX. Alexia Quadrani, media analyst at JPMorgan, joins “Squawk Box” to discuss how the coronavirus is affecting the entertainment industry.
In addition to airlines and travel companies that are negatively impacted by the deadly coronavirus , large-format movie theater company IMAX is also taking a hit. Shares of IMAX are down more than 4% as the Chinese government ordered distributors to cancel new film releases to discourage the public from congregating in crowded places. This move could significantly hurt IMAX’s sales in a traditionally strong holiday period. An analyst at Dougherty & Co. covering the company said “clearly our Q1 numbers will need to come down.” — Li
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