Why IMAX Corporation Jumped 25% in September
Shares of IMAX (NYSE: IMAX) surged more than 25% last month, according to data provided by S&P Global Market Intelligence. The entertainment technology company received a boost from a surprisingly popular horror flick that boosted attendance at theatres across the country.
After a brutal start to the year as its stock price plunged as much as 40% by mid-August, IMAX's shares rebounded off their lows after It -- a silver screen adaptation of Stephen King's novel -- crushed opening weekend records for horror films and movies debuting in September. That's particularly good news for an industry that had just suffered its worst Labor Day holiday sales since the year 2000, and helped to quell fears that ticket sales were falling off a cliff.
It thrilled moviegoers and IMAX shareholders alike. Image source: IMAX.
Source: Fool.com