Hunger Games Sets November Box Office Record - Lions Gate (LGF) Shares Get Clobbered
Lions Gate's Hunger Games: Catching Fire premiered this weekend, bringing in $161.1 million in U.S. theaters. This is a weekend record for a film premiering in November. So far Catching Fire has raked in $307.7 million worldwide, a sizable increase from the $214.3 million worldwide opening weekend tally of the first Hunger Games released in March 2012.
Apparently, however, some analysts were expecting the weekend tally of U.S. ticket sales to range between $170-$180 million. This seems to be the primary factor contributing to the stock's 10.5% decrease today.
I remain confident with Lions Gate's future and the Hunger Games franchise. Catching Fire is well on its way to higher worldwide sales than the first Hunger Games, which should give Lions Gate a noticeable boost in its upcoming fourth quarter results.
I will be keeping an eye on the stock, because this could represent a great opportunity to pick up LGF at a bargain price. Nothing has changed with the long-term viability of the business, and the weekend's box office results only confirm the staying power of the Hunger Games franchise.