Insights

Why Warner Bros. Discovery Stock Was Bouncing Back Today

What happened

This weekend’s take at the U.S. movie theater box office dipped, but that hardly daunted Warner Bros. Discovery (NASDAQ: WBD) bulls. Shares of the sprawling entertainment company, recently hived off from telecom giant AT&T, were rising by more than 3% in late afternoon trading. That was thanks to the performance of the company’s latest tentpole film release.

So what

The latest in a very long line of hits for Warner’s near-eponymous film unit, Warner Bros. Entertainment, DC League of Super-Pets was top dog in American theaters this past weekend in its theatrical debut. It took the prize by earning $23 million in ticket sales, averaging $5,331 per screen. It also notably eclipsed the performance of the No. 2 movie, the UFO thriller Nope, although the latter film is now in its second week of release.

To be fair, the media giant did have the advantage of releasing Super-Pets on a fairly light weekend. Only a handful of other films premiered on Friday, and none have the star power or marketing push enjoyed by the Warner title. Super-Pets is an animated, kid-friendly film featuring appearances by popular superheroes and a lead character voiced by enduringly popular actor Dwayne “The Rock” Johnson.

Now what

Super-Pets indisputably had a successful weekend, so kudos to Warner for its performance; investors are right to be cheered by this. Overall, however, the weekend’s box-office figures weren’t especially inspiring — the total gross of all films in the U.S. fell by nearly 25% over the previous weekend, and at a bit over $93 million was well below the banner July 4th three-day frame.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Warner Bros. Discovery, Inc. The Motley Fool has a disclosure policy.

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