AMC stock soars again with record-setting ‘Top Gun: Maverick’ providing a boost

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Shares of AMC Entertainment Holdings Inc. they extended their recent rocket ride to the top, with Tuesday’s rally boosted by the box office performance of the weekend’s “Top Gun: Maverick” box office.

AMC shares,
+ 5.53%
it increased by 10.1% in pre-market trading, having already increased by 38.9% in the last three days. Just before the current streak of wins, stocks were trading at levels seen before the “meme” stock recovery that began a year ago.

“The record-breaking success of ‘Top Gun: Maverick’ is another box office example that continues to show positive signs of recovery,” AMC said in a statement.

Tom Cruise’s Paramount Pictures starring “Top Gun” sequel grossed $ 156 million in the U.S. over the weekend and another $ 126 million for a $ 282 million worldwide box office, according to Box Office Mojo. That pushed the U.S. Memorial Day holiday weekend general box office to $ 218.1 million, or 122.8% more than a year ago.

AMC said more than 3.3 million people watched “Top Gun: Maverick” on its screens, out of a total of nearly four million people who visited its U.S. cinemas over the weekend.

Paramount Pictures Parent-Paramount Global PARA Shares
rose 1.7% before the market to a six-week high.

IMAX also gained a “Top Gun” boost in shares of IMAX Corp.
+ 1.04%,
which gained 0.6% ahead of the opening.

The improved theater operator said it had the “World’s Best Four-Day Opening Memorial Day Weekend,” with the $ 32.5 million debut of “Top Gun: Maverick” in its theaters, including a record $ 21 million in North America.

Shares of AMC have fallen 47.0% to date from Friday to Friday, while shares of IMAX have fallen 2.5% and the S&P 500 SPX index.
it has fallen by 12.8%.

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