Why AMC Entertainment Stock Can Thank Tom Cruise Today
The success of Top Gun: Maverick at theaters this weekend didn't just benefit media giant Paramount Global. The release marked a turning point for struggling movie theater operator AMC Entertainment (NYSE: AMC). That brought investors piling into AMC this morning, with the stock jumping as much 12% in early trading. That jump didn't hold, but AMC shares were still up 3.7% as of 1:07 p.m. ET.
The Top Gun sequel came 36 years after the original, and that helped AMC bring an important audience back into theaters. The film notched the highest-ever Memorial Day weekend opening, with $156 million at the domestic box office in the first four days. Paramount CEO Brian Robbins called it a "historic win" for the movie business. And AMC is a large part of that.
Source Fool.com
