UPDATED with closing stock prices, 1:30 PM: The downturn for exhibitor stocks continued in late-day trading. AMC closed down 7.9% at $14, Regal fell 4.6% to $16.01, and Cinemark ended the day -3.8% to $36.26.
PREVIOUSLY, 12:10 PM: AMC Entertainment Holdings, Regal Entertainment Group and Cinemark Holdings are down in NYSE trading in the wake of a Blade Runner 2049 falling short of expectations in its debut weekend.
The lackluster opening weekend for the sequel follows the worst summer season at the domestic box office in more than a decade. September perked up to a record take for the month, driven by It and Kingsman: The Golden Circle.
In a note today, Wedbush Securities analyst Michael Pachter cut his price target on AMC from $22.75 to $20.50, lowered his target for Regal Entertainment from $23 to $19 and cut his target for Cinemark from $44 to $42. At noon PT today, AMC was down 6.7% to $14.18 a share, Regal was off 4.4% to $16.04 and Cinemark had lost 3.5% to $36.37.
Blade Runner 2049, starring Ryan Gosling and original Blade Runner topper Harrison Ford, opening to $31 million in North America, after forecasts earlier last week had it pegged at about $45 million.
Four films are set for wide release Friday: STX’s Jackie Chan-Pierce Brosnan action thriller The Foreigner, Universal/Blumhouse horror pic Happy Death Day, Open Road’s biopic Marshall starring Chadwick Boseman as Thurgood Marshall, and Annapurna’s Professor Marston & the Wonder Women.
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