AMC Entertainment soars higher as Top Gun Maverick hits screens
- NYSE:AMC gained 17.99% during Friday’s trading session.
- Netflix and Disney also bump their streaming efforts for this weekend.
- AMC is hopeful that Top Gun can continue the success of recent blockbusters.
NYSE:AMC looked to be taking over the retail squeeze from its running mate GameStop (NYSE:GME) on Friday, as the movie theater stock soared into the weekend.Shares of AMC hit orbit, gaining 17.99% and closed the trading week at $14.43.Stocks rose for the third straight session as US markets posted their best overall week since November of 2020. The gains also marked the end to the seven-week losing streak from the major indices. The Dow Jones added 575 basis points while the S&P 500 and NASDAQ rose by 2.47% and 3.33% respectively during the session.
AMC isn’t the only company with a major release this weekend.Beleaguered streaming company Netflix (NASDAQ:NFLX) has the first half of the final season of Stranger Things debuting on Friday. Meanwhile Walt Disney (NYSE:DIS) is debuting the Obi-Wan Kenobi Star Wars spinoff on its Disney+ streaming service as well. AMC investors are hoping that these new releases won’t keep movie goers from heading to the theaters this weekend. Streaming services have made a massive dent into the sales of the theater industry, particularly when platforms like Disney+ launch titles simultaneously.
AMC stock forecast
AMC is preparing for the launch of the long-awaited sequel to the original Top Gun movie.Top Gun:Maverick is expected to rival movies like the Batman and Doctor Strange in the Multiverse of Madness in terms of opening weekends.AMC Apes are certainly anticipating this to be another record-setting weekend, which is likely why the stock has been trending on social media this week.
Fiscal quarter
AMC Entertainment (NYSE:AMC–Get Rating) last announced its quarterly earnings results on Monday, May 9th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.02). The firm had revenue of $785.70 million during the quarter, compared to analyst estimates of $736.23 million. During the same quarter in the previous year, the business posted ($1.42) earnings per share. The firm’s revenue was up 429.8% on a year-over-year basis. Wall Street brokerages expect that AMC Entertainment Holdings, Inc. (NYSE:AMC–Get Rating) will report earnings per share (EPS) of ($0.22) for the current fiscal quarter, according toZacks Investment Research. Three analysts have provided estimates for AMC Entertainment’s earnings, with the lowest EPS estimate coming in at ($0.33) and the highest estimate coming in at ($0.17).
source:FXSTREET
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