Paramount cinema billboard: covid-19 "intermission". Photo by Nick Bolton on Unsplash

US cinema stocks tank after another disappointing weekend

Investor faith in movie theaters rebounding during the coronavirus pandemic is waning.

On Monday, shares of AMC, Marcus, Cineworld and Cinemark sank after yet another disappointing weekend at the domestic box office.

AMC shares tumbled 7% Monday, bringing its market value to about $575 million, according to data from FactSet. Its stock is down more than 27% since the start of the year.

KEY POINTS:
  • Shares of AMC, Marcus, Cineworld and Cinemark sank after yet another disappointing weekend at the domestic box office.
  • Over the weekend, the North American ticket sales were an estimated $13.2 million.
  • During the same weekend last year, the domestic box office hauled in $125.4 million.

 

Cinemark slumped about 5%. Its market cap stands at $1.37 billion even after seeing shares fall more than 67% since January.

Marcus, too, was down on Monday, slipping more than 7%. Its market cap stands at about $284 million and after cratering more than 70% over the last nine months.

Over the weekend, North American ticket sales were an estimated $13.2 million, according to data from Comscore. For comparison, the U.S. and Canadian box offices hauled in $125.4 million during the same weekend last year thanks to the openings of “Downton Abbey,” “Ad Astra” and “Rambo: Last Blood.”

Heading into its third week in U.S. theaters, “Tenet” took in a meager $4.7 million, a 26% drop from last week. In total, the Warner Bros. film, which was supposed to restart the domestic box office, has only garnered $36.1 million in the U.S. and Canada. Internationally, the film has thrived, tallying $214 million since its August debut…

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Main image: Paramount cinema billboard: covid-19 “intermission”. Photo by Nick Bolton on Unsplash

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