Shares of AMC Entertainment Holdings Inc. saw a significant rise on Friday following the impressive third-quarter performance of its competitor, Cinemark Holdings Inc.
Positive Market Reaction
AMC's stock rose by 4.1%, outperforming the S&P 500 index's gain of 0.9%. Meanwhile, Cinemark's stock experienced a slight decline of 3.4% after initially climbing during premarket trading. Imax Corp., a high-end movie-theater operator, also saw a modest decrease of 0.2% after an initial rise.
Anticipation for AMC's Third-Quarter Results
Meme-stock favorite, AMC, is scheduled to release its third-quarter results on November 8. According to analysts surveyed by FactSet, sales of $1.227 billion and a loss of 26 cents per share are expected.
Box Office Success Boosts Cinemark
Cinemark reported a record-breaking domestic box office for July, fueled by the success of summer blockbusters such as "Barbie" and "Oppenheimer." The simultaneous viewing of both films on the same day resulted in an internet sensation known as "Barbenheimer." This achievement has significantly benefited the overall movie-theater industry.
Imax Reports Strong Performance
Last week, Imax surpassed analysts' estimates for both revenue and profit in the third quarter. The company attributed its success to popular Hollywood blockbusters and strong performance in key markets such as China, Europe, and Southeast Asia.
Promising Outlook for National CineMedia Inc.
National CineMedia Inc., an in-theater advertising company, experienced a 4.7% increase in share value on Friday. The company is set to release its third-quarter results on November 7. Analysts predict sales of $54 million and a loss of 14 cents per share.
Overall Performance of Industry Leaders
In terms of stock performance, Cinemark has shown remarkable growth with an increase of 87.6% in 2023. On the other hand, AMC has experienced a decline of 69.6%, while Imax has witnessed a modest increase of 26.4%. National CineMedia leads the pack with an impressive year-to-date gain of 92.3%, surpassing the S&P 500's gain of 13.6%.
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