AMC and IMAX shares climb, boosted by huge 'Deadpool & Wolverine' opening weekend

By James Rogers

Marvel's 'Deadpool & Wolverine' has set opening-weekend records for AMC and IMAX

Shares of AMC Entertainment Holdings Inc. rose 1.9% Monday, lifted by the movie-theater chain and original meme stock's highest weekend attendance and admissions revenue of 2024.

AMC (AMC) and its Odeon Cinemas welcomed more than 6 million cinemagoers worldwide between Thursday and Sunday, the company said in a statement. In the U.S., Disney (DIS) and Marvel's latest blockbuster, "Deadpool & Wolverine," set new opening-weekend records for an R-rated film at AMC's U.S. locations, registering AMC's highest-ever attendance and highest-ever admissions revenue for an R-rated film.

Variety reports that "Deadpool & Wolverine" brought in $205 million, making this the eighth-biggest opening weekend in box-office history. AMC also posted its highest food and beverage revenue for a single weekend since 2019 and sold more beer, wine and cocktails in the U.S. than in any other weekend in the company's history. "Deadpool & Wolverine" merchandise also sold out at AMC cinemas during the weekend.

Related: AMC's summer box office set to 'rebound notably' says Wedbush

"AMC has been predicting for quite some time that moviegoing would return to lofty levels this summer," AMC CEO Adam Aron said in the statement. "The trifecta of 'Inside Out 2,' 'Despicable Me 4,' and 'Deadpool & Wolverine,' combined with a myriad of other successful movies, has proven us right."

Last week analyst firm Wedbush said that AMC is set to benefit from an improved summer box office. The company recently enjoyed a busy July 4 weekend, boosted by Universal Pictures (UVV) and Illumination's "Despicable Me 4," which opened July 3. The theater chain has also reaped the benefits of Pixar's hugely successful animated blockbuster "Inside Out 2."

AMC shares are down 13.6% in 2024, compared with the S&P 500's SPX gain of 14.7%.

Related: AMC's stock falls as movie-theater chain highlights weakness in its Q2 guidance

AMC recently announced a debt-restructuring deal. Its shares fell last week after the company highlighted weakness in its second-quarter guidance.

IMAX Corp. (IMAX) is also riding the "Deadpool & Wolverine" wave, with the movie bringing in $36.5 million, marking the company's biggest opening weekend since 2022. The movie was also IMAX's biggest July opening ever, the company said in a statement. Shares of the high-end movie-theater operator are up 0.9%.

Related: IMAX, with Hollywood strikes and the pandemic behind it, poised for growth, say analysts

IMAX's stock rocketed after the company reported second-quarter results last week, and the company's shares are up 35% in 2024.

-James Rogers

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07-29-24 0959ET

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