Why Imax Stock Flopped This Week
Consumer discretionary stocks have been getting the side-eye from investors lately, as rising interest rates and concerns about the macroeconomy heighten worries about consumer spending. There are few activities more discretionary than movie-going, which is why it's no surprise that Imax (NYSE: IMAX) stock fell by more than 11% this week, according to data compiled by S&P Global Market Intelligence.
The big-screen cinema operator might just have an ace up its sleeve, though.
Imax's slide occurred despite an encouraging bit of continuity in the C-suite. On Monday, it disclosed in a regulatory filing that it had extended longtime CEO Rich Gelfond's contract through 2025, with his base salary remaining unchanged from the current level. This was particularly welcome, as Imax recently named several new top managers, including Natasha Fernandes as CFO.
Source Fool.com
