Potentially as a result of better-than-hoped data related to inflation, as well as an electoral midterm that didn’t result in a so-called “red wave,” an unexpectedly strong day on Wall Street gave several high-profile entertainment stocks to solid boost.
Generally, entertainment stocks outperformed the S&P 500, which ended the day at 3,956.37 (+5.54%) as the Dow rose 3.7% to end the day at 33,715.317.
Netflix jumped over 20 points and nearly 8% today, ending with $274.97, while Snap also rose just over 1 point, ending the day at 10.73, while Alphabet, Inc. was up 6.77 point (+7.75%) for a day-ending price of $94.17 per share.
Even Twitter, currently dealing with much-publicized challenges related to Elon Musk’s new ownership, stayed even at $53.7.
Meanwhile, Facebook/Meta, itself announcing plans to lay-off 11,000 employees, jumped 10 points and 10.25% for a new $111.87 share price.
In terms of explicitly Hollywood stocks, Sony Group Corporation ended the day up 5 points (+6.65%) for an $80.50 per share price point. Lions Gate Entertainment Corp. rose 9.56% to end the day at $6.99.
Paramount Global, which got hammered last week after announcing its third quarter numbers, jumped 1.04 points (+6.7%) for a new $16.57 share price.
Warner Bros. Discovery, itself dealing with turmoil and challenges due to regime changes and attempts to synergize and lessen a debt load, jumped 9.76% (+0.96) to end the day at $10.80.
Walt Disney, whose much-anticipated “Black Panther: Wakanda Forever” opens theatrically this week, rose 3.71 points (+4.28%) for a new $90.46 share price. This was days after boasting 164 million subscribers for Disney+.
Finally, among movie theater chains, AMC Theaters soared 18.11% to bring its price to $6.13, while Cinemark ended the day at $11.92, or +0.21 and +1.79%. IMAX ended the day at $13.70 (+5.96%).
Reference-www.thewrap.com
