Why Imax Stock Jumped More Than 8% Today
Shares of larger-than-life cinema technologist Imax (NYSE: IMAX) closed Monday's trading 8.4% higher, having risen 10.2% earlier in the day. The stock rose thanks to an impressive second-weekend showing of Walt Disney's (NYSE: DIS) latest superhero movie.
Shang-Chi and the Legend of the Ten Rings dominated the box office in its second week, collecting domestic ticket sales of $35.8 million. By comparison, Free Guy from another Disney-owned subsidiary, 20th Century Studios, landed in second place with a domestic showing worth $5.8 million. Shang-Chi also pulled in $55.8 million of international ticket sales this weekend. Moreover, the title has not yet premiered in China, which is generally one of Marvel's most fruitful overseas territories and a good fit for the martial arts themes and backstory of the titular character. In particular, Imax is looking forward to a strong Shang-Chi showing in China. The company collected 54% of its total revenue from the Greater China market over the last four quarters.
Image source: Getty Images.
Source Fool.com
