- Theater stocks slump after the Memorial Day weekend box office numbers disappoint.
- The tally of $176M was the lowest for the crucial weekend in 18 years and came in below expectations.
- Baywatch in its opening weekend and Alien: Covenant in its second week were both disappointments, while the latest Pirate of the Caribbean installment fell well below the $100M mark.
- "A June slate that on paper looks amazing needs to deliver the goods to turn things around and get the summer back on track after a May, with only a couple of exceptions, everyone would rather forget," writes comScore analyst Paul Dergarabedian.
- AMC Entertainment (AMC -4.4%), Marcus Corporation (MCS -1.9%), Reading International (RDI -1%), Cinemark Holdings (CNK -2.2%) and IMAX (IMAX -2.8%) are all notably lower. The damage is more limited with Regal Entertainment (RGC -0.5%).
- Now read: Marcus Corporation: The Valuation Looks A Bit Stretched
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