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Top Gun: Maverick Drives AMC Stock Higher

Source: rblfmr / Shutterstock.com
AMC Entertainment (NYSE:AMC) stock is one of the most popular names on social media now, and the shares are climbing 2% this morning, despite the sharp declines of the stock market today. The movie theater own…

Source: rblfmr / Shutterstock.com

AMC Entertainment (NYSE:AMC) stock is one of the most popular names on social media now, and the shares are climbing 2% this morning, despite the sharp declines of the stock market today. The movie theater owner is benefiting from the success of Tom Cruise’s new film, Top Gun: Maverick.

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The movie launched in the U.S. on Friday and had the highest opening weekend revenue ever for a film that came to American theaters during Memorial Day Weekend. Specifically, Top Gun: Maverick generated roughly $156 million in the U.S. between Friday and Monday. Analysts, on average had estimated that Maverick’s U.S. box office total would be only $80 million in its initial four days.

“The movie theater is back,” a Comscore analyst commenting on Top Gun’s success, told Barron’s.

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Adam Aron Boosts Hype Around AMC Stock

Providing a more humorous, mocking response yesterday was AMC CEO Adam Aron. “What do we say to the ‘movie theatres are dead’ crowd?” the CEO wrote on Twitter. He added the hashtags #CHOKEonTHAT, #LetThemEatCrow and #HaHaHaHa.

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Press now reporting Top Gun: Maverick is the highest grossing Memorial Day Weekend movie of all time. More than double the opening gross of the biggest ever Tom Cruise movie. RT 96%/99%. What do we say to the “movie theatres are dead“ crowd? #CHOKEonTHAT #LetThemEatCrow #HaHaHaHa pic.twitter.com/Rq8fh6LAM4

— Adam Aron (@CEOAdam) May 30, 2022

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On May 25, Aron had tweeted “Top Gun: Maverick is one AMAZING movie. … If there is any movie to see this spring, it is this one!”

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Paramount (NASDAQ:PARA) made Top Gun: Maverick. PARA stock is rising slightly this morning.

I have told you all — repeatedly — that Top Gun: Maverick is one AMAZING movie. The current Rotten Tomatoes score is 97% from the critics and 99% from moviegoers. If there is any movie to see this spring, it is this one!

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— Adam Aron (@CEOAdam) May 26, 2022

On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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