AMC Entertainment (NYSE:AMC), the largest movie theatre company in North America, has continued its struggles after the first four months of 2024. Its shares have plunged 47% in the year-to-date period in 2024 as of close on Tuesday, May 7, 2024. This is despite some positive news for the North American and global box office so far this year.
The positives have continued into the start of the May 2024 month. The Fall Guy, the action comedy film starring Ryan Gosling and Emily Blunt, gobbled up $27.7 million at the domestic box office over the May 3-5 weekend. The movie was directed by David Leitch, the director of Bullet Train, Deadpool 2, and Atomic Blonde.
Coming in second place was the re-release of Star Wars: Episode I – The Phantom Menace. The first of the Star Wars prequel films enjoyed its first cinema run since the original release in 1999. Challengers, which took the top spot the previous week, fell down to third place with a $7.59 million gross. The horror film Tarot generated a domestic gross of $6.50 million over the May 3-5 weekend, good enough for fourth place. Godzilla x Kong: The New Empire rounded out the top five domestic box office getters in the first weekend of May.
AMC stock has been highly volatile through the first half of 2024. The cinema operator will need to produce some positive news with its next batch of earnings in order to regain momentum going forward.