This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Conjuring Haunts Competition

NEW YORK ( TheStreet) - Time Warner's (TWX - Get Report) The Conjuring outstripped expectations as other new releases fell below forecasts this past weekend.

The Conjuring, following a pair of paranormal investigators tasked with exorcising an evil spirit terrorizing a family, brought in $41.53 million in its opening weekend. Wells Fargo analysts had only expected the film to generate $35 million.

Wells Fargo analysts, led by Marci Ryvicker, wrote on July 19th that "TWX's Time Warner's strong marketing effort and a lack of direct competition should help take the top spot this weekend." The Conjuring is expected to bring in another $59 million over the next 6 weeks.

Turbo, Red 2, and R.I.P.D. were the other three major releases to hit the theaters this weekend. Turbo, put out by Fox Studios (FOXA), fell short of knocking the animated children's movie Despicable Me 2 out of second place. Despicable Me 2 tacked on another $25 million, totaling $276.1 million in box office receipts so far, beating Turbo's opening of $21.5 million. Summit Entertainment's Red 2 and R.I.P.D. both managed to be passed by already released films. Grown Ups 2 and Pacific Rim continued to generate receipts, keeping Red 2 and R.I.P.D. in 5th and 7th place, respectively. All three new releases fell about $6 million short of Well Fargo's expectations.

The new films managed to knock The Lone Ranger, Kevin Hart: Let Me Explain Myself, White House Down and This is The End out of the top ten.

Time Warner's (TWX - Get Report) shares rose 0.7% to close at $62.22 on back of The Conjuring's success. Lionsgate (LGF) fell more than 1.4% to close at $32.16 on back Red 2's disappointing performance. Comcast (CMCSA) , the company that owns Despicable Me's Universal Studios, added 0.8% to close up at $44.93.

Time Warner also led the same weekend last year, releasing The Dark Night Rises. The Christopher Nolan directed Batman film, starring Christian Bale, generated $191 million in its first weekend.

-- Written by Robert Arenella in New York

To contact the writer of this article, click here: Robert Arenella.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
TWX $85.20 0.00%
AAPL $132.54 0.00%
FB $80.54 0.00%
GOOG $540.11 0.00%
TSLA $247.73 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs