NEW YORK (TheStreet) -- Shares of The Walt Disney Co. (DIS) are falling 0.79% to $109.39 after Disney's new sci-fi film "Tomorrowland" fell short of expectations, pulling in $41.7 million when it was expected to open at $50 million, the Los Angeles Times reported.
The company hopes "Tomorrowland" will perform better with families in the coming weeks, as Hollywood won't be coming out with any PG-rated movies until Disney's own "Inside Out" comes out on June 19, Disney's executive VP of distribution Dave Hollis said, according to The Wall Street Journal.
The film featured a rare attempt by the company to spend big money-$180 million in this case-on a movie that didn't feature characters or a fictional world already well known to audiences, the Journal said.
Although Disney's new film finished first as the highest-earning film for this past weekend, this was weak compared to last year, when Twenty-First Century Fox (FOX)'s "X-Men: Days of Future Past" grossed $110.6 million on Memorial Day weekend, according to the Journal.
Overall, this Memorial Day weekend brought in the lowest sales at the box office since 2001.
Hollywood pulled in roughly $190 million between Friday and Monday, according to Rentrak (RENT), a global media measurement and research company serving the entertainment industry, the lowest since 2001, especially since average ticket prices have increased 44% over that time period.
Finishing second was Comcast's (CMCSA) Universal Studios Pitch Perfect 2 which grossed $37.9 million.
TheStreet Ratings team rates DISNEY (WALT) CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: