AMC Entertainment Stock Is Surging: What's Going On?


AMC Entertainment Holdings Inc AMC shares are trading higher Monday after the company announced a strong opening weekend for "Black Panther: Wakanda Forever."

What Happened: AMC Entertainment said it set a domestic record for the biggest November opening in company history on the strength of the highly anticipated film. More than 4.9 million moviegoers visited AMC theaters over the weekend, representing the fourth highest attendance weekend in 2022. 

AMC global admissions were up 125% year-over-year from Thursday to Sunday, and up more than 53% compared to 2019 levels. AMC also highlighted strong food and beverage sales over the weekend. 

"Black Panther: Wakanda Forever" set a domestic box office record for films opening during the month of November with reported weekend ticket sales of $180 million. It grossed approximately $330 million globally.

AMC currently expects "Black Panther: Wakanda Forever" to be the second highest grossing movie for full-year 2022.

"The enormous success of 'Black Panther: Wakanda Forever' is yet another reminder that there are so many millions of moviegoers, Americans and in so many countries around the world, who are ready, willing, able and indeed eager to come out of their homes to enjoy the magic of the theatrical big screen," said Adam Aron, chairman and CEO of AMC.

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AMC Price Action: AMC has a 52-week high of $34.33 and a 52-week low of $5.05.

The stock was up 9.72% at $7.90 at time of publication, according to Benzinga Pro.

Photo: Paul Sableman from Flickr.

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