Shares of movie theater companies such as AMC Entertainment (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report , Cinemark (CNK) - Get Cinemark Holdings, Inc. Report , IMAX (IMAX) - Get IMAX Corporation Report , and Reading International (RDI) - Get Reading International, Inc. Class A Report were all lower on Tuesday afternoon due to the weak box office numbers for the Memorial Day weekend.
This year was the slowest Memorial Day weekend since 1999, the four day weekend total domestic earnings were $172.3 million. The 1999 figure for the same weekend was $142.5 million.
"It's crunch time for the industry after a lackluster May and a dismal Memorial weekend," Senior Media Analyst at ComScore Paul Dergarabedian told Variety. "The good news is that June looks to deliver the goods and no movie is better suited to lead the cavalry charge than 'Wonder Woman' later this week. The pressure is certainly on for the final three quarters of the season to get us out of this downturn."
Shares of AMC Entertainment were down by 4.45% to $23.60 this afternoon.
Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.