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Movie stocks take off as ‘Top Gun’ sequel hits screens -Breaking

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© Reuters. FILEPHOTO: Tom Cruise (USA) arrives at the London Premiere of “Top Gun: Maverick” on May 19, 2022. REUTERS/Henry Nicholls

By Noel Randewich

(Reuters) – U.S. Cinema stocks rose on Friday due to high expectations of “Top Gun”, the sequel to Tom Cruise’s blockbuster.

Cinemark Holdings (NYSE :), AMC Entertainments (NYSE 🙂 Holdings, and Imax Corp rallied over 6% after “Top Gun: Maverick”, Paramount’s film debuted in cinemas. Box office analysts predict that the Paramount movie will become one of the most successful films of summer.

The film was originally scheduled to release in 2020 but it was repeatedly delayed by the COVID-19 pandemic.

The shares of Paramount Global (formerly ViacomCBS) rose 3.5%

Rotten Tomatoes gave the film sequel to its 1986 blockbuster a 97% review from movie critics and an overwhelming 99% from audiences.

Cruise, now 59, plays the role of a confident Navy pilot called Maverick with an inclination to defy authority.

Stocktwits users, which are popular among retail investors, shared memes and links to reviews about the movie.

Shawn Robbins (chief analyst at BoxOffice Pro) recently calculated that ticket sales could reach $100 millions over Memorial Day weekend in Canada and the United States. This would be Cruise’s highest-grossing debut.

AMC’s shares rose by 51% in 2021, as part of the trading frenzy over several “meme stocks”. AMC has lost 51% and Cinemark has gained just 6% so far in 2022.

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