AMC Entertainment (NYSE:AMC) is the largest North American movie theater operator. Its shares have dropped 30% month-over-month as of close on Monday, February 5. Meanwhile, AMC stock has plunged 93% in the year-over-year period. Today, I want to discuss the state of this former meme stock as the February movie releases get underway.
The top movie at the North American box office over the February 2-4 was Argylle, which was released by Universal Pictures and Apple Original Films. This film delivered a total gross of $17.4 million over the first February weekend. Meanwhile, it received negative reviews from critics.
In second place was season 4 episodes of The Chosen, a Christian historical drama that has generated considerable interest from audiences. The Chosen reported $7.37 million in total gross over the first February weekend. Meanwhile, The Beekeeper, Wonka, and Migration rounded out the top five box office ticket sales getters.
AMC Entertainment and its peers in the cinema space will be hoping for a hit before things start to heat up commercially in March. Some of the more promising upcoming releases in February include Madame Web and Drive-Away Dolls. In March, AMC and its peers have potential hits like Dune: Part Two, Ghostbusters: Frozen Empire, Immaculate, and Godzilla x Kong: The New Empire. This slate of films has the potential to salvage a slow opening quarterly in the 2024 calendar year for North American cinemas.