- Movie stocks are moving thanks to Top Gun: Maverick.
- It broke a Memorial Day Weekend record with a U.S. box office of $156 million.
- That sent many movie stocks rising this morning before dropping back down today.
Top Gun: Maverick is moving movie stocks on Monday following a successful Memorial Day Weekend opening.
The four-day opening weekend for the film saw it bring in a box office of $156 million in the U.S. That’s an impressive number that has it breaking the prior record held by Disney’s (NYSE:DIS) Pirates of the Caribbean: At World’s End.
News of Top Gun: Maverick’s strong opening weekend initially saw shares in movie stocks rise higher in early trading today. Among them are AMC Entertainment (NYSE:AMC) Paramount (NASDAQ:PARA), Imax (NYSE:IMAX), and Cinemark (NYSE:CNK). However, weakness across the broader stock market has since pulled many of those shares back down.
AMC Entertainment highlighted the strong performance of Top Gun: Maverick in a recent press release. It said the following about the film’s performance.
“The record-setting success of TOP GUN: MAVERICK is another example of a box office that continues to show positive signs of recovery. Led by the opening of Top Gun, the domestic box office posted a 122% year over year increase compared to Memorial Day 2021, which then featured A QUIET PLACE PART II and the live-action CRUELLA. It’s also been reported that 55% of the total domestic audience this year was 35 years or older, an indication that older Americans are also returning to movie theatres in significant numbers.”
AMC stock is up 5.1%, PARA stock is up slightly, IMAX shares are down a little, and CNK stock is slightly lower as of Tuesday afternoon.
Investors seeking out more stock market news for Tuesday are in the right place!
We’ve got all the hottest stock market news that traders need to know about for today. A few examples include what’s happening with shares of Unilever (NYSE:UL), Mullen Automotive (NASDAQ:MULN), and TherapeuticsMD (NASDAQ:TXMD) stock today. You can read that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.