Beleagured cinema chains certainly enjoyed their time in the sun this weekend, with Greta Gerwig’s and Christopher Nolan’s Barbenheimer double bill sparking one of the best weekends at the box office in years.
AMC Entertainment Holdings (NYSE:AMC), the largest cinema chain in the US, saw its share price surge over 30% to US$5.85 when the markets opened on Monday in response to the weekend’s nearly half a billion dollars in ticket sales for Gerwig's Barbie and Nolan's Oppenheimer movies.
However, with hype cooling off somewhat, AMC shares have seen a bit of a correction as sellers take their profits.
When US markets open today, AMC shares are expected to fall back close to 10%, though this would still place the cinema chain’s shares close to 50% higher year to date.