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MoffettNathanson cuts box-office view, urges creative thinking for theaters (NYSE:CNK)

MoffettNathanson cuts box-office view, urges creative thinking for theaters (NYSE:CNK)

MoffettNathanson is joining in with analysts cutting U.S. box-office projections, pointing to a murky view of when attendance can recover.

As with MKM Partners earlier, it expects 2020 domestic box office will be down 81%.

That brings liquidity concerns back to the forefront for exhibitors.

MoffettNathanson is recommending some “flexibility” when it comes to release window arrangements as an incentive to getting films back into theaters. And it’s urging possible deals with subscription video-on-demand services like Netflix (NFLX +0.8%) and Amazon.com (AMZN +2.9%) as a source of product. (AMC has pointed to the revenue share from its landmark release-window deal with Universal as one of the reasons it can keep theaters open even as more movie releases get delayed.)

MoffettNathanson is maintaining a Neutral on Cinemark (CNK -3.4%), which it says is in the strongest liquidity position among theaters, but it’s cutting its price target to $12 from $16. AMC (AMC -1.8%) and Cineworld (OTC:CNWGY) were “overleveraged” even before the pandemic crisis began, it says.

Other theater stocks: IMAX +0.5%; Marcus (NYSE:MCS) +1%; Reading International (NASDAQ:RDI) -3.8%; National CineMedia (NASDAQ:NCMI) -4.3%; Cineplex (OTCPK:CPXGF) -6.3%.

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Duterte urges telcos to improve internet service with online classes set to start

Duterte urges telcos to improve internet service with online classes set to start

MANILA, Philippines — “Can you do a better job?”

This was President Rodrigo Duterte’s appeal to telecommunication companies in a televised speech Monday night.

“With the classes going to start, our students will rely heavily on the use of electronics,” he said. “But the internal complaints — ever since telcos came into being. It has been the agony of the Filipino people why until now our telcos are very poor,” he said.

“I don’t know how to go about this,” he added. “May I just appeal to the telecommunications [firms]: Can you do a better job? Is there life after this kind of service that you’re delivering to the public?”

Many private schools have already opened for this school year shifting to online classes.

Classes for public schools, meanwhile, will open on Oct. 5  under a mostly modular learning system.

Despite scolding the telcos, Duterte admitted their expansion was being hindered by the requirements they would need to have before building cell towers.

“Let the telcos do their job. Allow them to build the structures, towers if you may — so that they could improve,” Duterte said, referring to local government units.

Previously, Duterte said he would show “no mercy” to LGUs hampering the issuance of cell tower permits.

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