What: Shares of IMAX Corp. (NYSE:IMAX), an innovative movie entertainment company, soared 11% higher Tuesday after recent sales data hit the market.
So what: Investors are hopping on board and buying shares of IMAX before it reports its fourth-quarter results Feb. 24 after seeing data that Deadpool generated $27.5 million at IMAX theatres during its four-day global debut. According to IMAX, it's the highest-ever opening in February for the company. Deadpool set IMAX's domestic and international records grossing $18.6 million in four days on 374 IMAX domestic screens and $8.9 million on 232 international screens.
"We tip our hat big time to our partners at Fox, director Tim Miller and the whole Deadpool team for crafting such a hugely innovative and entertaining movie-going experience and for executing one of the most successful and creative theatrical campaigns in recent memory," said Greg Foster, senior executive vice president of IMAX Corp. and CEO of IMAX Entertainment, in a press release. "We are excited to have been a part of this record-setting global opening, and we look forward to continued shared success with Fox on a worldwide scale in 2016."
Now what: This 11% movement for IMAX's stock shouldn't come as a surprise for investors, because blockbuster action movies represent a large portion of IMAX's movie selection, and when one hits big, like Deadpool, it's going to positively impact the company's bottom line. And with the company's earnings call slated for Feb. 24, investors clearly believe it's setting up to beat estimates.