Movie theater companies got a big thumbs down Monday after weakest summer holiday weekend in at least a decade.
The North American box office tumbled an estimated 44 percent compared to the July Fourth weekend last year.
B Riley analyst
The weekend lacked the debut of a high-profile blockbuster like "Spider-Man 2" or "War of the Worlds." The holiday also delivered a more limited punch this year because it fell on a Friday, which is already a lucrative day for theaters.
"Dawn of the Planet of the Apes" — expected to be one of the summer's biggest hits — won't debut until next week.
The unusual holiday lull meant that for the first time this summer, one movie — "Transformers: Age of Extinction" — held the top spot at the box office for two weeks in a row after pulling in an estimated
But its take dropped 63 percent compared with last weekend.
Wold lowered his second-quarter revenue estimates for
In the big picture, Wold believes that most investors will remain loyal because they are focusing on a strong battery of releases slated for next year, rather than one dud weekend. The weak box office numbers, however, will lead to some spillage, he said.
Shares of sank 2.7 percent, or
Most Popular Stories
- Rackspace Ends Talks About Possible Acquisition
- Mercedes Rolls Out S550 Plug-in Hybrid
- FedEx Adding 50,000 Holiday Jobs
- Plus-Size iPhones Live Up to The Hype
- Toxic Algae Threatens Florida Fishing, Tourism
- Missouri GM Plant Adding 750 jobs
- Cool Features on Today's New iOS 8
- Family Dollar Spurning Bid From Dollar General
- Kohl's Hiring 67,000 for the Holidays
- Poverty Rate Drops for First Time Since 2006