Shares of AMC Entertainment Holdings Inc. extended their recent rocket ride higher, with Tuesday’s rally fueled by the record-setting weekend box-office performance by “Top Gun: Maverick.”
jumped 6.5% in midday trading, and have now soared 47.9% over the past four days. Just prior to the current win streak, the stock was trading at levels seen before the “meme stock” rally that had kicked off a year ago.
“The record-setting success of ‘Top Gun: Maverick’ is another example of a box office that continues to show positive signs of recovery,” AMC said in a statement.
The “Top Gun” sequel from Paramount Pictures starring Tom Cruise took in $156 million in the U.S. over the weekend and another $126 million internationally, for a worldwide box office of $282 million, according to Box Office Mojo. That pushed the overall box office for the U.S. Memorial Day holiday weekend to $218.1 million, up 122.8% from a year ago.
AMC said more than 3.3 million people saw “Top Gun: Maverick” on its screens, out of a total of nearly 4 million people who visited its U.S. theaters over the weekend.
Shares of Paramount Pictures parent Paramount Global
gained 0.2% in midday trades toward a six-week high.
Meanwhile, failing to get much of a “Top Gun” boost was IMAX Corp.’s stock
which eased 0.4%.
The enhanced-theater operator said it had the “best global four-day Memorial Day Weekend opening ever,” with the $32.5 million debut of “Top Gun: Maverick” in its theaters, including a record $21 million in North America.
AMC’s stock has tumbled 43.5% to date in 2022, while IMAX shares have slipped 2.9% and the S&P 500 index
has declined 12.9%.