AMC Entertainment (NYSE:AMC) stock gained significant momentum after so-called “meme stocks” received a shot in the arm due to the return of an online personality known as “Roaring Kitty”. Shares of AMC shot up 59% month-over-month as of close on Friday, May 24, 2024. However, the stock is still down 28% over the past six months and 88% in the year-over-year period.
Cinema operators had strong expectations ahead of the Memorial Day long weekend in the United States. However, box office results turned in a lot weaker than expected. The May 24-26 stretch saw Furiosa: A Mad Max Saga pull in just $25.5 million at the domestic box office. The film raked in $59 million worldwide. That is a disappointing opening weekend haul for a movie that boasted a production budget of $159 million, not accounting for the marketing and promotion budget. Mad Max: Fury Road pulled in $153 million at the domestic box office and $379 million worldwide with its 2015 release.
The Garfield Movie raked in $24.7 million over the 24-26 period and $31.8 million over the May 24-27 “long weekend” stretch. IF came in third with $21.0 million while Kingdom of the Planet of the Apes continued its solid run with $17.1 million in its third weekend running. The Fall Guy and The Strangers: Chapter 1 rounded out the top five, pulling in $7.6 million and $7.0 million, respectively.
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