How Will Sony (SNE) Stock Be Affected by ‘Ghostbusters’ Opening?
NEW YORK (TheStreet) -- Sony's (SNE) - Get Report newest "Ghostbusters" film opened this weekend, grossing $46 million and taking the second spot in the weekend box office earnings, the Wall Street Journal reports.
Sales for the reboot of the 1984 classic could not best Comcast's (CMCSA) "Secret Life of Pets," which remained at the top spot and earned an additional $50.6 million this weekend.
The original "Ghostbusters" film grossed nearly $229 million in theaters.
Despite the average opening weekend, Sony's president of world-wide marketing and distribution, Josh Greenstein, said that the company expects the new version to avoid sharp drop-offs in earnings over the upcoming weeks, the Wall Street Journal reports.
The film was one of the highest-profile projects of the year for Sony Pictures Entertainment, with a $144 million production budget.
Shares of Sony closed down 0.13% to $30.04 on Friday.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C+.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, TheStreet Ratings finds that the company's profit margins have been poor overall.
You can view the full analysis from the report here: SNE
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.