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Movie Theater Stocks Rise After Record-Setting Thanksgiving Feast
Movie theater stocks moved higher Monday in the wake of the biggest Thanksgiving ever at the domestic box office.
Spurred by Moana 2 ‘s debut and strong carryover business for Gladiator II and Wicked, shares in AMC Entertainment, Cinemark, Imax, National CineMedia, Marcus Corp. and specialty theater parent Reading International all rose. “Continuing the trend we have seen for the past several months,” Cinemark CEO Sean Gamble said in a statement, “these record-breaking box office, premium formats, and food and beverage results further accentuate the cultural impact an immersive, cinematic experience delivers for content across all genres. Eric Handler, a research analyst with Roth MKM, wrote in a report to clients that the box office has “quickly shifted into overdrive.” Moana 2 and Wicked “should carry the box office quite nicely into the Christmas holiday season,” Handler wrote, with Mufasa: The Lion King and Sonic the Hedgehog 3 due out in December.
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