NEW YORK (TheStreet) -- Theater stocks have risen in afternoon trading after the record opening weekend for "Jurassic World," which J.P.Morgan said "reinvigorates" quarterly box office estimates.
WHAT'S NEW: Universal's "Jurassic World" opened June 12 to the second strongest domestic box office performance of all time, and RealD (RLD) reported Sunday that 3D screens accounted for 48% of the film's sales. The Comcast (CMCSA), (CMCSK) subsidiary set a global record of $512M for the weekend, while IMAX (IMAX) also reportedly saw a strong showing with $44.1M globally from the dinosaur film.
ANALYST REACTION: J.P.Morgan analyst Townsend Buckles issued a research note on theater stocks following Universal's $204.6M domestic opening weekend for "Jurassic World." Buckles commented that IMAX is "clearly resonating with consumers globally," with a "solid" 7.6% share of the "Jurassic World" global open. The analyst says domestic second quarter box office numbers are "back on track," with quarter-to-date receipts up 4.6% and easier comps for the summer period. In terms of additional releases for June, Buckles highlights the upcoming "Inside Out" from Disney's (DIS) Pixar as well as Universal's "Ted 2." The research firm expects theater stocks such as AMC (AMC), Carmike (CKEC), Cinemark (CNK), and Regal (RGC) to rise after the strong weekend and Buckles remarked that IMAX shares "should remain buoyant" ahead of its anticipated IPO of IMAX China. Regarding fears of a Justice Department investigation into exclusive film zones, the analyst added that Regal and Cinemark are likely to be least affected.