Stocks were rising on suggestions that President Donald Trump plans to leave the hospital Monday, and on optimism over a coronavirus relief package.

The Dow Jones Industrial Average gained 341 points, or 1.24%, to 28,024, the S&P 500 was up 1.29% and the Nasdaq rose 1.62%.

TheStreet’s Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about movie theater chain Regal, stock valuations and NYC shutdowns.

Regal Entertainment Suspends Operations

Cineworld Group’s Regal Entertainment Holdings said it will temporarily suspend operations at all its American and British movie theaters as crucial sales from expected fall and winter blockbuster movie releases like the next James Bond epic have been postponed by the coronavirus pandemic.

Cramer said it’s time to sell shares of Regal. “It’s sad and I feel the same way about AMC. I thought AMC could get their way out of this because they have got a better balance sheet and raised a lot of money. But these are not cruise ships which raised fortunes. I don’t think movies can (survive) because they are much less capitalized,” Cramer explained.

Shares of  (AMC) – Get Report were down 10.43% on Monday.

Stock Valuations Linked to Politics and Covid-19

Cramer said that the individual stock has so little to do with the actual fundamentals in terms of valuing them. The P/E is directly related to politics and related to the coronavirus disease. “So, if you’re not trying to work on the disease or the testing and medicines that are needed and you’re not paying attention to the President and the stimulus and Speaker Pelosi then all you’re doing is trying to figure out what a company might be worth in the abstract. And that is valueless,” Cramer explained.

NYC Shutdowns Cause For Concern

The number

Shares in Cineworld plunged 57% on Monday, after the world’s second-largest movie chain confirmed it will temporarily close its cinemas in the U.K. and the U.S., putting 45,000 jobs at risk.

U.K. Prime Minister Boris Johnson acknowledged there would be “tough times ahead” in the jobs market following Cineworld’s announcement, but encouraged people to go to the movies.

Cineworld’s move comes after the release of the latest James Bond film, “No Time to Die” was delayed for the second time. The MGM film had been due to be released in April this year, but was then postponed until November because of the pandemic. It is now expected to be released on April 2, 2021.

Cineworld UK:CINE Chief Executive Mooky Greidinger said the closure of its 663 cinemas was “not a decision we made lightly.”

“We did everything in our power to support safe and sustainable reopenings in all of our markets,” Greidinger said.

Read: Cineworld Warns COVID-19 Still Threatens Its Future. It’s Not the Only Theater in Trouble.

All operations will be suspended at 536 theaters in the U.S. and 127 Cineworld CNNWF and Picturehouse theaters in the U.K. from Oct. 8. The company didn’t give a date for reopening its cinemas.

Shares in Cineworld, which plunged 57% when the market opened, were trading 27.77% lower in early morning trading on Monday.

Susannah Streeter, senior investment and markets analyst at
Hargreaves Lansdown, said the beleaguered
entertainment industry has taken another huge blow with the confirmation that
all of Cineworld’s venues will close their doors temporarily.

“Although the delay of the latest 007 blockbuster prompted the decision, Bond isn’t the villain in this piece. The spread of COVID-19 around the world has been a horror movie for the industry and the fresh wave of infections is the latest installment in what’s

gettyimages-1207531288

Regal Cinemas parent company Cineworld announced on Oct. 5 that it would temporarily close its 536 US theaters as a result of the ongoing COVID-19 pandemic.


Photo by Victor J. Blue/Getty Images

The COVID-19 pandemic’s impact on the movie business is leading to the temporary closure of Regal’s 536 US theaters, the theater chain’s parent company Cineworld announced on Monday. 

“This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the U.S.– from putting in place robust health and safety measures at our theatres to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives,” Mooky Greidinger, CEO of Cineworld, said in a statement. 

“We are especially grateful for and proud of the hard work our employees put in to adapt our theatres to the new protocols and cannot underscore enough how difficult this decision was.”

The company attributed the decision to the closure of theaters in major markets like New York and the decision of studios to push off major new releases until next year. Recent postponements include Marvel Studios’ Black Widow being pushed to May 7, 2021, while this past Friday saw the next James Bond film, No Time to Die, getting delayed until next April

“Despite our work, positive feedback from our customers and the fact that there has been no evidence to date linking any COVID cases with cinemas, we have not been given a route to reopen in New York, although other indoor activities – like indoor dining, bowling and casinos were

Cineworld, the world’s second-biggest cinema operator, said it will temporarily close all its screens in the United States and Britain after studios pulled major releases such as the latest James Bond film.

The Regal cinema owner, which began reopening in July after Covid-19 lockdown restrictions started to ease, employs 37,482 people across 787 venues in the U.S., Britain and central Europe, with 546 sites in America.

The chief executive of Cineworld said he had no choice but to close UK and U.S. sites because the cinema chain was bleeding too much cash to keep them open, and that the operations might resume in “two months, or a bit longer.”

“We had reached the stage where we had no alternative, it was a very, very difficult decision for us, mainly in view of the move we will have to take towards the employees,” CEO Mooky Greidinger told Sky News on Monday.

“From a liquidity point of view, we were bleeding much bigger amounts when we are open than when we were closed.”

The release of the new James Bond movie, “No Time To Die,” was pushed into next year on Friday, crushing hopes for a 2020 industry rebound as rising rates of the coronavirus prompt new restrictions and keep viewers away.

Cineworld’s statement on Monday, confirming leaks over the weekend, spelled out the scale of job losses from its move, which affects thousands of ancillary staff including cleaners and security as well as its own employees.

The entertainment industry has been among the heaviest hit by social distancing and other restrictions, with Walt Disney last week announcing plans to lay off roughly 28,000 employees, mostly at its U.S. theme parks.

Cineworld began reopening in July after virus-related restrictions started to ease, but the further postponement of the Bond film and others

As more and more movies have been pushed to 2021, Regal Cinemas’ parent company Cineworld could be closing all of its theaters in the U.S. and the UK Variety reports that the decision comes after the latest James Bond film, No Time to Die, had been delayed until next year due to coronavirus concerns.

The closures are expected to come within a week at the soonest, and the company has already confirmed the closures are currently being discussed. “We can confirm we are considering the temporary closure of our UK and U.S. cinemas, but a final decision has not yet been reached,” the Cineworld Cinemas Twitter account revealed. “Once a decision has been made we will update all staff and customers as soon as we can.”

Cineworld could be closing 543 Regal Cinema venues, and all of its cinemas across the United Kingdom and Ireland this week. While the closures would be “temporary,” it’s unclear if all the theaters will reopen when it is safe to do so. It’s worth highlighting that Regal is the second biggest domestic theater chian in North America, and Cineworld is the biggest operator of theaters in the United Kingdom. The company plans to write to UK Prime Minister Boris Johnson and Culture Secretary Oliver Dowden in order to inform them that their business right now is “unviable,” especially as major tentpole movies like No Time to Die and Black Widow have been hit with major delays for the second time.

On Friday, MGM and