Shares of AMC Entertainment (NYSE: AMC), Carnival (NYSE: CCL), and Norwegian Cruise Lines (NYSE: NCLH) fell again on Wednesday after a tough month of June, down 3.3%, 6.3%, and 9.9%, respectively, as of 1 p.m. ET. First, each is a consumer discretionary stock, and it's clear consumers are cutting back amid high inflation for food and fuel. Not only do they now have the added burden of interest expenses, but with interest rates now higher, any refinancing would be expensive.
The success of Top Gun: Maverick, Jurassic World Dominion and Minions: The Rise of Gru at the box office is fuelling hope of a sustained revival in movie attendance in the US. Cinema operators such as AMC Entertainment still face plenty of challenges. During the first quarter, AMC managed to sell 39.1mn movie tickets and pull in $785.7mn in revenue.
Yahoo Finance’s Brooke DiPalma joins the Live show to break down the box office earnings for ‘Minions: The Rise of Gru’ and 'Top Gun: Maverick.'