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Shares of Imax (IMAX) - Get IMAX Corporation Report and other movie theater companies were trading in the red on Wednesday, continuing yesterday's decline, which was the result of weak Memorial Day box office numbers. Shares of Imax were lower by 3.51% to $24.75 this morning.

The 2017 four day Memorial Day weekend box office had the lowest gross in almost 20 years.

"Although Imax has the benefit of global exposure and more local content than the pure play exhibitors, their business is still focused on major blockbuster films, and with a number of those underperforming as of late, we would not be surprised if incremental concerns over near-term results and negative leverage on the model on weaker box office results is causing the selling pressure," B. Riley said in a note, according to MarketWatch.

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