Did AMC Stock Bottom Out Last Week?
The quickest way to reverse the recent slide in AMC Entertainment Holdings (NYSE: AMC) stock could be as simple as getting people back to movie theaters. Sony's Venom: Let There Be Carnage was the top draw at the local multiplex over the weekend, and it rocked in a material way.
The sequel to 2018's Venom reboot -- technically a property of Walt Disney's Marvel, but put out by Sony's studio -- raked in $90.1 million in domestic ticket sales over the weekend. It's the largest three-day opening of the pandemic era. It's also the second-highest opening ever for an October debut. Only 2019's Joker, which rang up $96.2 million at the box office for its premiere, has fared better in October.
The young month is only going to get better for the industry, and that's great news for AMC and its rivals. AMC could use the boost. At its intraday low last Thursday -- just hours before Venom hit screens -- the stock had surrendered more than half of its early June peak.
Source Fool.com
