Shares of AMC Entertainment (AMC -0.24%) were essentially flat in morning trading on Tuesday after a long holiday weekend that saw the toy story spin off Light year heavily bombarded at the box office.
The disney (SAY -1.11%) The film was expected to make $70-85 million this weekend, with up to $135 million worldwide, but was only able to pull in $51 million in the US and $35 million more. in the world.
After the dazzling takeoff of Top Gun: Maverick and Jurassic World: DominionAMC was hoping for a family movie like Light year could bring the kids over the holiday weekend and help keep the theater chain going.
AMC, as the largest cinema operator in the world, relies heavily on its ability to bring people back to the movies. Already a company in decline before the pandemic, it approached the brink of bankruptcy at the height of it.
Since then, however, he’s tried to come back up, albeit in ways that are sometimes completely unrelated to the movies.
As a favorite of stock traders, AMC often strays further from online chatter and social media mentions (like rumors of a large pool of stocks floating in the market that keep the stock from moving forward) only fundamentals of its activity.
CEO Adam Aron, however, disabused investors of that rumor last week, saying, “As I said before, we haven’t seen any reliable information about so-called synthetic or fake stocks.” On an otherwise positive day for the market, when the Dow Jones Industrial Average rises more than 500 points, it’s not good news that the theater stock is unable to cross into the green.