11.49 0.00 (0.00%)
After hours: 5:14PM EDT
|Bid||11.25 x 800|
|Ask||11.60 x 2900|
|Day's Range||11.32 - 11.90|
|52 Week Range||8.73 - 21.45|
|Beta (3Y Monthly)||0.43|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 6, 2019 - Nov 11, 2019|
|Forward Dividend & Yield||0.80 (6.69%)|
|1y Target Est||15.92|
MoviePass had all the workings of a genius tech start-up but was unable to execute its business model effectively. What does this mean for other unprofitable public companies?
(Bloomberg) -- Movie-theater companies may be missing the power of Earth’s Mightiest Heroes.After strong domestic box-office performance earlier in the year, led by the historic success of “Avengers: Endgame,” third-quarter performance is looking soft, analysts said, prompting two firms to trim their estimates on theater chains.MKM Partners lowered its third-quarter revenue and Ebitda estimates on both AMC Entertainment Holdings and Cinemark Holdings, citing the weaker-than-expected U.S. box office. Analyst Eric Handler wrote that based on results in July and August, he now expects the domestic third-quarter box office to rise 2.5% from the year-ago period, compared with a prior view of 10% growth.Shares of Cinemark dropped 1.4% in Tuesday trading.Handler wrote that “our biggest concern right now” with AMC is that estimates may also be too high for 2020. He said the domestic box office could be down 4% next year, as it faces difficult comparisons with major hits from earlier in 2019, including “Avengers.” He has a buy rating on Cinemark but trimmed his price target by $2 to $43.Shares of AMC slipped 0.1% on Tuesday, though the stock has risen more than 30% from a July low. While there were some sizable blockbusters in the third quarter, including “The Lion King,” it also featured a soft debut for “Hobbs & Shaw,” while “It: Chapter Two” had a weaker opening weekend than its predecessor.According to Bloomberg Intelligence, “the U.S. box office needs a supernatural performance through year-end just for sales to draw even with 2018.”Separately, B Riley FBR lowered its adjusted earnings expectations for IMAX Corp.’s 2019 and 2020, also citing weaker-than-expected box-office trends.“With lower-than-expected results out of ‘It: Chapter Two’ over this past weekend and modest expectations for ‘Ad Astra,’ we now project that IMAX is tracking to $225-230M in global box office for 3Q19 vs. our previous estimate of $249M and the current consensus estimate of $246M,” analyst Eric Wold wrote.Despite that, he reiterated his buy rating and $34 price target on IMAX shares, writing that he was optimistic on its long-term trends, as well as the “improving profitability of the core cinema operations.”IMAX shares were little changed, though the company is coming off a four-day rally.(Adds Tuesday trading activity throughout.)To contact the reporter on this story: Ryan Vlastelica in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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AMC Entertainment Holdings, Inc. , is scheduled to participate in the following upcoming investor conferences:
NEW YORK, NY / ACCESSWIRE / August 21, 2019 / Amcor Plc (NYSE: AMC ) will be discussing their earnings results in their 2019 Second Half Earnings to be held on August 21, 2019 at 8:00 AM Eastern Time. ...
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