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AMC Entertainment and Cinemark Rally as 'Top Gun' Sequel Released

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By Sam Boughedda

Investing.com -- Shares of both AMC Entertainment (NYSE:AMC) and Cinemark (NYSE:CNK) are trading higher Friday due to expectations for the hotly anticipated "Top Gun" sequel.

AMC Entertainment, which fell below $10 per share earlier this month and is down around 50% this year, is trading more than 17% above Thursday's close with Cinemark up 5.5% in the last hour of Friday trading.

The movie, which has been delayed a number of times due to the coronavirus pandemic, is expected to be one of the biggest box office hits this year.

According to a tweet from Gitesh Pandya, Founder and Editor of Box Office Guru, the film has already become the all-time biggest preview record for Paramount and the biggest ever for Memorial Day holiday weekend.

"Massive launch for #TopGunMaverick with $19.26M from previews held on THU and before. New all-time biggest preview record for Paramount & biggest ever for Memorial Day holiday wknd. Huge FRI/SAT/SUN/MON ahead with broad appeal," wrote Pandya.

He added that the film's star, Tom Cruise, is having the biggest opening weekend of his whole career.

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