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DreamWorks shares drop after 'Dragon' opening

Posted in : Top kids movies

(added few years ago!)

DreamWorks shares drop after Dragon opening

Shares of DreamWorks Animation SKG Inc. dropped Monday after disappointing ticket sales for the movie "How to Train Your Dragon" during its opening weekend.

The stock fell $3.94, or 9.2 percent, to $38.87 in morning trading. The stock has ranged from $17.95 to $44.77 over the past year.

The studio's latest animated adventure pulled in $43.3 million, taking the No. 1 spot for the weekend. But it came in well below DreamWorks' "Monsters vs. Aliens," which made $59.3 million over the same weekend last year.

In a note to investors, Jefferies & Co. analyst Brian Shipman said he was expecting box office sales of $64 million, but added, "Word of mouth and strong reviews could partially offset the light weekend."

Wedbush analyst Michael Pachter said the results were especially disappointing given the number of 3-D screens DreamWorks was able to line up for the opening.

He said there were 2,178 3-D screens showing "How to Train Your Dragon" this weekend, compared with just 1,149 for "Monsters vs. Aliens" last year. Theaters typically charge extra for 3-D showings.
 

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(added few years ago!) / 603 views