Why AMC Entertainment Stock Is Surging Today

AMC Entertainment Holdings Inc AMC shares are trading higher Tuesday after the company announced strong box office numbers over the weekend.

"Top Gun: Maverick" posted the best Memorial Day weekend domestic box office performance in history "by a significant margin." In its first four days since release, the movie has generated over $156 million in the box office.

The domestic box office saw an estimated 122% increase year-over-year compared to the 2021 Memorial Day weekend. More than 3.3 million guests watched Top Gun: Maverick at a global AMC theater. More than 5 million guests attended movies at AMC theaters over the weekend, up from about 2.6 million year-over-year.

"Expect to be dazzled by the so many more blockbuster movie titles that will be releasing in June, all summer long and throughout calendar year 2022. Welcome back to the cinema, welcome back to the world of AMC," said Adam Aron, chairman and CEO of AMC Entertainment.

See Also: 20 Stocks Moving in Tuesday's Pre-Market Session

AMC Price Action: AMC has traded between $9.70 and $72.62 over a 52-week period.

The stock was up 11.9% at $16.15 at time of publication, according to data from Benzinga Pro.

Photo: Paul Sableman from Flickr.