AMC CEO Touts 'Top Gun' And Taunts Short Sellers After Shares Popped 12% At Monday Close

Zinger Key Points
  • AMC CEO Adam Aron has praised “Top Gun: Maverick” as one of the reasons why he’s excited for the 2022 summer lineup of movies.
  • AMC reports Q2 results in August, which includes the results of “Top Gun: Maverick,” “Jurassic World: Dominion,” and “Lightyear.”

Shares of movie theater company AMC Entertainment Holdings AMC surged on Monday with news of a blockbuster movie passing a milestone. Did the CEO's tweet help boost the share price?

What Happened: The blockbuster film “Top Gun: Maverick” from Paramount Global PARAPARAA passed $1 billion in global box office, a milestone that could show movie theaters and summer blockbusters are back.

Shares of AMC Entertainment Holdings closed Monday up 12.3% in a move that could be attributed to the strong box office showing and also a move to the Russell 1000 Index.

Over the weekend the phrase “#chokeonthat” was also trending related to a comment made by AMC CEO Adam Aron, which could have been a reason for Monday’s move.

“Other than a few idiots that readily come to my mind, and likely yours, who in the **** can still say movie theaters are dead and have no future? Thank you Tom Cruise. Top Gun: Maverick just crossed $1 billion in global box office, in less than one month! #CHOKEonTHAT,” Aron tweeted.

The “choke on that” comment could be in reference to short sellers, which have targeted AMC shares over the years. Benzinga Pro data shows 21.9% of AMC’s float is short currently.

Aron has praised “Top Gun: Maverick” as one of the reasons why he’s excited for the 2022 summer lineup of movies.

Related Link: 5 Things You Might Not Know About AMC CEO Adam Aron 

What’s Next: Aron has gone on record highlighting several movies that could be blockbusters and help AMC and other movie theater companies.

“It’s going to be a big, big summer in our opinion and then it just continues all the way to Christmas,” Aron said recently.

The CEO named “Jurassic World: Dominion,” “Lightyear,” “Minions: The Rise of Gru” and the upcoming “Thor: Love and Thunder” as movies that could bolster box office revenue.

“When Hollywood makes movies and releases them in theaters that people want to see, they are coming out in huge numbers to enjoy our theaters, so we’re excited, we’re confident and we know that we’re on a path to recovery," he said.

AMC reported first quarter earnings in May, posting revenue of $785.7 million. The company’s revenue came in ahead of Street estimates of $736.2 million and was a large improvement on the $148.3 million reported in the first quarter of the previous year.

AMC reports second quarter results in August, a quarter that includes the results of “Top Gun: Maverick,” “Jurassic World: Dominion,” and “Lightyear.”

Investors could get a better picture of how the strong box office results for several summer blockbuster movies translates on the financial results from a leading movie theater company. The company could also provide a better outlook for the rest of the year with Aron being excited about the lineup.

Aron has been hosting and attending several movie screenings, connecting with fans and investors, a move that could show the CEO supporting the growth of the company during the busy summer blockbuster season.

Aron could continue to poke short sellers as the company reports strong results and movies hit strong numbers showing a recovery from the COVID-19 pandemic.

AMC Price Action: AMC shares are down 3% to $13.65 on Tuesday versus a 52-week range of $9.70 to $61.


Posted In: EntertainmentNewsGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.