'Top Gun: Maverick' cruises to holiday record
Top Gun: Maverick (NASDAQ:PARA) (NASDAQ:PARAA) soared over the weekend, setting a record for Memorial Day weekend openings and becoming star Tom Cruise's first $100 million debut in the process.
The sequel 36 years in the making drew $126 million over the three-day weekend, and paced toward $156 million counting Monday's Memorial Day holiday - which would top the full-weekend record of $153 million held by Johnny Depp film Pirates of the Caribbean: At World's End in 2007. It was behind the record pace, before a better Sunday than expected.
The opening-day total of $51.8 million was a Paramount Pictures' record (beating 2010's Iron Man 2).
Top Gun: Maverick added $124 million more in international grosses, even though it's limited by not playing in China and Russia. And some 22% of the overall grosses came from premium formats, with IMAX (IMAX) alone expected to bring in $21 million at home and $32.5 million globally from the movie.
Rival opener The Bob's Burgers Movie (DIS) wasn't a slouch: While the Top Gun sequel opened on a record number of screens, Bob's Burgers drew enough moviegoers to grab $12.6 million over three days, just behind Doctor Strange in the Multiverse of Madness (DIS) with $16.5 million.
What's that mean for stocks on Tuesday, when the market reopens? Paramount (PARA) (PARAA) could see movement as the film's performance signals what kind of summer it might be. Paramount has a light slate with just three films for the summer, including Top Gun: Maverick. Contrast that with Universal (CMCSA), which is putting out seven films just for the summer - and its Focus Features label is putting out another five (starting with the Downton Abbey film sequel), for a total of 12 films from Comcast.
Meanwhile, any blockbuster opening in post-pandemic recovery is a catalyst for the exhibitors, notably AMC Entertainment (AMC), Regal (OTCPK:CNNWF) and Cinemark (CNK) - not to mention IMAX (IMAX), a company skewed toward the biggest-screen tentpole entertainment.
Other cinema tickers: Marcus (MCS); Reading International (RDI); Cineplex (OTCPK:CPXGF); National CineMedia (NCMI).