Why AMC News Is Seeing Their Stocks Rising Today
Yesterday, AMC Entertainment Holdings (NYSE: AMC) reported the weekend box office earnings data. The company needs the box office to recover in a big way, and the past weekend has seen some good progress. Investors took note and AMC stock jumped nearly 4% early Tuesday, before slashing those gains. As of 1:30 p.m. EDT, shares of even volatile stocks were still up 1.6%.
The company said it had just set the following post-pandemic reopening records for the Thursday-Sunday weekend box office period around the world:
- Weekend participation
- Ticket admission receipts
- Food and beverage sales
The good results of the weekend are due to the national vigor of the opening of Venom: let there be carnage, and the international success of the latest James Bond film, No time to die.
Image source: Getty Images.
AMC pointed out that the superhero film Venom: let there be carnage opened to $ 90 million domestically, making it the second-largest October opening in domestic box office history. No time to die raised $ 119 million overseas and is expected to open in the United States later this week, followed by its debut in Europe.
CEO Adam Aron said in a statement: “A new world attendance record after the reopening of around 3.9 million moviegoers is important, as is the fact that this weekend’s success is due to two films in different successes. ” He added that Saturday marked the biggest single-day revenue seen in the past 18 months since the start of the pandemic.
AMC shares may change at the discretion of retail traders on social media. His status as a stock himself has brought his recent market cap to nearly $ 20 billion, even though he holds $ 5.5 billion in debt and the company continues to struggle. But a strong weekend at the box office is an important first step in at least getting the underlying activity back on track.
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