Why AMC Entertainment Stock Is Moving Higher Monday

AMC Entertainment Holdings Inc AMC shares are trading higher Monday after the company announced the highest weekly admissions revenue in company history.

What Happened: AMC saw its "best week ever" in terms of admissions from July 21 to July 27, driven primarily by the "Barbie" and "Oppenheimer" releases. The company said it saw its highest admissions revenues in both the U.S. and globally.

"Barbie" and "Oppenheimer" saw continued strong moviegoer demand throughout their first full week of release, the company said, adding demand remained strong throughout the weekend. 

AMC said July 27 through July 30 represented the company's third busiest weekend globally since reopening in 2020 following shutdowns due to the COVID-19 pandemic. 

"The monumental success of BARBIE and OPPENHEIMER has the entire movie and movie theatre industry abuzz, with discussions of new records and new benchmarks being realized seemingly wherever you turn. These two movies, along with the many others playing on our huge silver screens, continue to rewrite what is possible at the box office," said Adam Aron, chairman and CEO of AMC. 

Along with the "Barbenheimer" phenomenon, AMC saw strong demand for "Haunted Mansion," "Mission: Impossible - Dead Reckoning Part One" and "Sound Of Freedom."

AMC is set to report second-quarter financial results on Aug 8. The company is expected to report a loss of 5 cents per share on revenue of $1.268 billion, according to estimates from Benzinga Pro.

See Also: IMAX Analyst Bullish On Stock As Box Office Revenue Shows Strong Recovery

AMC Price Action: AMC shares were up 3.24% at $4.79 at the time of writing, according to Benzinga Pro.

Photo: Paul Sableman from Flickr.