AMC stock keeps rallying after popcorn collaboration with Walmart announced ahead of earnings

Shares of AMC Entertainment Holdings Inc.
AMC,
+8.28%
rallied 2.8% in morning trading Tuesday, adding to the 22.7% run up in the previous session, after the movie theater operator announced a popcorn collaboration with Walmart Inc.
WMT,
+0.20%
AMC said all of its new lines of “AMC Perfectly Popcorn” ready-to-eat and microwave popcorn will be sold exclusively at discount retail giant Walmart’s stores March 11, “just in time for the Academy Awards, which airs on March 12.” The stock’s rally comes just before AMC reveals its fourth-quarter results, which are expected after the closing bell. “On March 11, which is Oscars weekend, we will enter the multi-billion-dollar retail popcorn industry with at-home popcorn that features the authentic taste of real movie theatre popcorn,” said AMC Chief Executive Adam Aron. “We are especially pleased that we are doing so in an exclusive launch with Walmart, the largest retailer in the United States.” The stock has now more than doubled, rising 103.9%, since it closed Dec. 28, 2022 at the lowest price ($3.84) since February 2021. It has still lost 32.5% over the past 12 months, while the S&P 500
SPX,
-0.10%
has declined 9.1%.