AMC Entertainment (NYSE:AMC) stock is a hot topic on Monday after CEO Adam Aron highlighted the recovery of the box office over the Easter weekend.
Aron started off his praise for the box office with an X (formerly Twitter) post about Godzilla x Kong: The New Empire performing well during its opening night. The CEO followed that with another post on the social media platform noting that this was the best March for the box office in five years.
Here’s what Aron said about March performance in his X post:
“Happy Easter everyone […] My good news on this Easter Sunday is that in March, the domestic industry box office finally turned upwards. The best March in five years […] This is so encouraging in looking at the movie slate deeper into 2024. Many superb movies are coming.”
The March 2024 box office comes in at $752.53 million. That’s exciting for investors in AMC stock, as it represents a 17.9% increase year-over-year (YOY). That builds on the 8.3% increase seen from March 2022 to March 2023.
All of this shows that movie theaters are finally starting to see a return to pre-pandemic levels. For example, the March box office for 2019 was $962.71 million.
How This Affects AMC Stock
Despite the positive March box office news and comments from Aron, AMC stock isn’t performing the best today. Instead, shares are down 11% as of Monday morning.
Alongside this fall comes heavy trading of AMC stock. This has more than 18 million units changing hands today. That’s already above its daily average trading volume of about 14.3 million shares.
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On the date of publication, William White did not hold (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.
