SerpApi.Org
Christopher Nolan's "The Odyssey," the first-ever theatrical release shot in IMAX'sIMAX largest and highest-resolution film format, delivered a record-breaking $52 million first-weekend haul for the immersive IMAX theaters alone. The blockbuster opening helped fuel IMAX stock and AMC EntertainmentAMC early Monday as the latter reported stronger-than-expected second-quarter results.
But the plot quickly shifted as IMAX reversed lower, even as AMC stock powered higher. IMAX earnings due on Thursday will keep up the suspense.
"The Odyssey," produced by Comcast'sCMCSA Universal Pictures, grossed $264 million globally, including non-IMAX overall ticket sales, and $124.5 million in the U.S., much better than expected. The opening-weekend box office total was the third best for a Nolan film in the U.S., but No. 1 in terms of global receipts, even though it carried an R rating from the Motion Picture Association.
Nolan's IMAX Blockbuster
The company's state-of-the-art 41 IMAX 70 mm film locations delivered $6.3 million in weekend box office and will continue in those locations for at least five weeks.
Overall IMAX theater revenue collected from 885 screens in the U.S. and abroad accounted for 23.8% of domestic sales and 16% of international sales. Nolan and cinematographer Hoyte van Hoytema collaborated with IMAX to develop its next-generation film camera and accompanying sound blimp.
CEO Rich Gelfond said in a statement that everything points to "a very long and successful run in IMAX" for "The Odyssey."
AMC Earnings
AMC touted the best quarter for revenue and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) in its history. Additionally, AMC reported a second-quarter adjusted profit of 14 cents a share vs. expectations of a 4-cent loss. However, FactSet is showing a quarterly loss of 2 cents. AMC's earnings statement details that the adjusted profit excludes the mark-to-market of derivatives and losses on extinguishment of debt.
Revenue grew nearly 16% to $1.597 billion, topping forecasts of $1.5 billion. Adjusted EBITDA surged 70% to $321.4 million.
IMAX, AMC
AMC stock and IMAX both jumped at the open, but IMAX reversed 0.6% lower to 39.03 in early-afternoon trade after climbing as high as 41.05. IMAX shares initially flashed an early entry buy signal with the move above last week's high of 39.85, as the stock broke above the trendline sloping down from its June 24 all-time high. However, IMAX has undercut that level and the sharp pullback intraday can be a momentum killer.
AMC jumped 22.4% to 2.38. AMC stock also cleared a trendline sloping down from its recent peak of 2.96, though it is still 34% below its 52-week high. Although AMC's operating performance is showing progress, as one of the original meme stocks it remains highly volatile. MarketSurge shows that AMC stock has a 21-day average true range of 11.1%. That means it is extremely volatile on a day-to-day basis, so investors following recommended sell rules are at great risk of being shaken out, even if the trend is higher.
Comcast edged up 0.3%.
Be sure to read IBD's The Big Picture column after each trading day to get the latest on the prevailing stock market trend and what it means for your trading decisions.
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