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Weekend Box Office Misses Target Despite Solid 'Fantastic Beasts' Open

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Weekend Box Office Misses Target Despite Solid 'Fantastic Beasts' Open

Time Warner Inc (NYSE: TWX)’s Harry Potter spinoff “Fantastic Beasts and Where to Find Them” dominated the box offices this past weekend. The movie grossed $75.0 million at the domestic box office, in line with lofty expectations.

Harry Potter Universe Still Carries Magic

“Fantastic Beasts” continued the positive momentum for the U.S. box office in 2016. However, MKM Partners analyst Eric Handler says that momentum will likely come to a screeching halt in December.

“November should receive a solid boost from ‘Moana’ (November 23 release) which currently has a 100% Rotten Tomatoes score. December should provide the most difficult comparison because of the massive success last year with ‘Star Wars: The Force Awakens,’” Handler explained.

So far this quarter, box office totals are up 7.7 compared to last year. However, MKM is forecasting a 5.5 percent Q4 decline by the end of the quarter.

Others Didn't Fare As Strongly

While “Fantastic Beast” met expectations at the box office this past weekend, overall box office for the weekend was just $147 million, well short of MKM’s $161 million forecast. According to Handler, Walt Disney Co (NYSE: DIS)’ “Doctor Strange” and Twenty-First Century Fox Inc (NASDAQ: FOXA)’s “Trolls” both delivered disappointing carryover weekends.

Handler notes that “Fantastic Beasts” drove IMAX Corporation (USA) (NYSE: IMAX) to a worldwide weekend gross of $17.3 million.

Image Credit: By Karen Roe from Bury St Edmunds, Suffolk, UK [CC BY 2.0], via Wikimedia Commons

Latest Ratings for FOXA

DateFirmActionFromTo
Nov 2019MaintainsUnderperform
Sep 2019Initiates Coverage OnUnderperform
Sep 2019MaintainsNeutral

View More Analyst Ratings for FOXA
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NKTRH.C. WainwrightMaintains32.0
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