AMC's stock climbs after rival Cinemark's third-quarter earnings beat

By James Rogers

Cinemark saw a record domestic box office in July

Shares of AMC Entertainment Holdings Inc. climbed Friday after rival Cinemark Holdings Inc.'s third-quarter top- and bottom-line beat.

AMC's stock (AMC) rose 4.1%, outpacing the S&P 500 index's SPX gain of 0.9%. After climbing in premarket trading, Cinemark's stock (CNK) fell 3.4%. Shares of high-end movie-theater operator Imax Corp. (IMAX) reversed early gains and were down 0.2%.

Related: Cinemark's stock rises toward fifth straight gain after earnings beat, boosted by a record July box office

Meme-stock darling AMC reports third-quarter results after market close on Nov. 8. Analysts surveyed by FactSet are looking for sales of $1.227 billion and a loss of 26 cents a share.

Cinemark had a record domestic box office in July, the company said in a statement released before market open. The movie-theater industry has benefited from the success of summer blockbusters "Barbie" and "Oppenheimer," two movies that sparked an internet phenomenon dubbed "Barbenheimer" that had people watching both films on the same day.

Related: IMAX shares rise premarket on 3Q top and bottom line beat

Last week, Imax reported third-quarter results that beat analysts' top- and bottom-line estimates, boosted by Hollywood blockbusters and strength in China, Europe and Southeast Asia.

Shares of in-theater advertising company National CineMedia Inc. (NCMI) rose 4.7% Friday. The company reports third-quarter results after market close on Nov. 7. Analysts surveyed by FactSet are looking for sales of $54 million and a loss of 14 cents a share.

Related: 'Taylor Swift: The Eras Tour' boosting demand for cinema ads, says National CineMedia CEO

Cinemark's stock is up 87.6% in 2023, while AMC's is down 69.6% and Imax's is up 26.4%. Shares of National CineMedia are up 92.3% this year, outpacing the S&P 500's gain of 13.6%.

-James Rogers

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11-03-23 1036ET

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