UPDATE, 7:35 AM: IMAX‘s stock price is down about 6% in early trading after Wedbush Securities’ Michael Pachter lowered his earnings estimates, citing disappointing Q3 box office sales. Sony’s Elysium, Warner Bros’ Pacific Rim, and Universal’s Riddick “likely did not perform at the levels we initially expected,” he says this morning. That led him to chop his revenue estimate for the quarter by 9.4% to $58M, with his earnings forecast down 53% to 7 cents per share. But he’s holding firm on his estimates for Q4 until he has a better handle on how audiences will respond to expected hits led by Warner Bros’ Gravity and The Hobbit: The Desolation Of Smaug, and Lionsgate’s The Hunger Games: Catching Fire.
PREVIOUS, WEDNESDAY PM: Today was at least the second day this week that an analyst has questioned the large-screen movie company’s growth prospects — and it contributed to a 4.4% drop in the stock price. (more…)