In­vestors boo cinema stocks after “Blade Run­ner 2049” un­der­whelms

Tehran Times - - ART & CULTURE -

SAN FRAN­CISCO (Reuters) — Shares of cinema stocks dropped on Mon­day after do­mes­tic open­ing week­end ticket sales for sci­ence fic­tion se­quel “Blade Run­ner 2049” fell short of ex­pec­ta­tions, the lat­est dis­ap­point­ment fol­low­ing an un­der­whelm­ing U.S. sum­mer movie sea­son.

AMC En­ter­tain­ment Hold­ings Inc, Re­gal En­ter­tain­ment Group and Cinemark Hold­ings Inc were all down, with price tar­get cuts by Wed­bush Se­cu­ri­ties an­a­lyst Michael Pachter also weigh­ing on the shares.

Third-quar­ter do­mes­tic box of­fice sales would be lower than pre­vi­ously ex­pected, Pachter said in a report, “as sev­eral ti­tles in the sum­mer re­lease slate failed to res­onate with movie­go­ers.”

AMC fell 7.7 per­cent to $14.02, Re­gal En­ter­tain­ment was down 4.4 per­cent at $16.04 and Cinemark lost 3.53 per­cent to $36.35.

“Blade Run­ner 2049” star­ring Ryan Gosling and Har­ri­son Ford pulled in $33 mil­lion in North Amer­ica, ac­cord­ing to Warner Bros.

That com­pared to an ex­pected range of $45 mil­lion to $50 mil­lion, de­spite pos­i­tive re­views and the pop­u­lar­ity of the orig­i­nal 1982 “Blade Run­ner,” ac­cord­ing to a report by Va­ri­

Other re­cent movies have fallen short of ex­pec­ta­tions, in­clud­ing “King Arthur: Leg­end of the Sword” and “Bay­watch”, in a slow U.S. sum­mer movie sea­son that un­der­scored the trend of more con­sumers watch­ing en­ter­tain­ment on­line.

Wed­bush’s Pachter cut his price tar­get on AMC to $20.50 from 22.75 and low­ered his tar­get for Re­gal En­ter­tain­ment to $19 from $23. He cut his tar­get for Cinemark to $42 from $44.

Cast mem­bers Ryan Gosling (L) and Har­ri­son Ford (R) at­tend a pho­to­call for the film “Blade Run­ner 2049” in Paris, France, Septem­ber 20, 2017. (Reuters/Charles Pla­tiau)

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