‘Top Gun Maverick’ Breaks Memorial Day Box Office Record; AMC Stock Soars

Stock of AMC Entertainment Holdings Inc., (NYSE:AMC) is on track for a fourth consecutive increase, having risen 39 percent over the prior three trading sessions.

Shares of the company AMC, +0.69% surged 10.1 percent in premarket trade after a 38.9 percent surge over three days. Prior to the current winning run, the stock was trading at levels not seen since the “meme” stock rise began a year ago.

Maverick’s record-breaking performance shows that the box office is showing promising indications of recovery,” AMC stated in a statement.

Paramount Pictures’ “Top Gun” sequel starring Tom Cruise raked in $156 million in the United States and another $126 million elsewhere during the weekend, bringing the worldwide box office to a total of $282 million, according to Box Office Mojo. Overall, the Memorial Day weekend box office in the United States was up 122.8 percent from last year to $218.1 million.

A total of over four million people visited AMC’s U.S. theaters over the weekend, with more than 3.3 million of them seeing “Top Gun: Maverick.”

PARA shares jumped 1.7 percent in premarket trading and are now at a six-week high, a sign that the company’s stock is gaining momentum. Aside from “Top Gun,” IMAX Corp.’s shares jumped 0.6% before the opening bell, thanks to a “Top Gun” bump.

With a worldwide premiere of $32.5 million, including a North American record of $21 million for “Top Gun: Maverick,” the enhanced-theater operator claimed it achieved the “biggest global four-day Memorial Day Weekend opening ever.”

AMC’s stock has dropped 47.0 percent year-to-date, while IMAX shares are down 2.5 percent, and the S&P 500 index has dropped 12.8 percent.