AMC stock surges 25% higher as Spider-Man breaks records
19:37, 17 December 2021
AMC shares surged as much as 25% higher on Friday after the movie theatre chain announced that Spider-Man: No Way Home’s theatrical release on Thursday broke AMC box office records.
The latest film in the iconic superhero franchise drove 1.1 million people to AMC theatres on its opening day – the single highest number of people watching one movie on one day at AMC’s US theatres during all of calendar years 2020 and 2021.
The Spider-Man movie also was the single highest-grossing movie title for a December opening night in AMC’s history. It was the second-highest-grossing movie title on its opening night in AMC’s history, falling just short of another Marvel franchise film, 2019’s Avengers: Endgame.
AMC stock performance
AMC stock rose as high as $30.71 per share, up from the prior day’s close of $24.45 per share.
The movie theatre chain continues to ride high on its meme-stock fame with the stock up nearly 1,400% on the year.
However, it is down 57% from its all-time highs of $72.62 per share achieved earlier this year.
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Box office hits
Domestically, Disney and Marvel’s Shang-Chi and the Legend of the Ten Rings is 2021’s highest grossing movie of the year so far at $224.5m in gross sales, according to Box Office Mojo.
Other stronger performers on the list this year include Venom: Let There Be Carnage, Black Widow, F9: The Fast Saga, Eternals and No Time to Die.
Despite movies increasingly receiving both theatrical and digital releases through streaming services, AMC saw revenues increase in 2021 as Covid-19 vaccines rolled out across the US and restrictions lifted. Through the first nine months of the year ended 30 September, AMC’s revenue is up 25.6% year over year.