UPDATE: They did it again. Lionsgate’s stock today hit an intra-day and 52-week high of $31.10 on the New York Stock Exchange. It closed at 30.92, up 0.63 or 2.08%. Lionsgate has been on a roll lately, surging in part to the successful Hunger Games and Twilight franchises. Kevin Hart: Let Me Explain from Lionsgate’s Summit Entertainment opened Wednesday with a solid $4.7M from only 876 dates, a surprisingly strong debut.
PREVIOUS, Tuesday PM July 2: It’s becoming boring to report when Lionsgate shares hit a new high. That’s been a recurring story since the beginning of 2013 as the company’s stock price has soared 82.5%, helped in part by successful franchises including The Hunger Games and Twilight. But at least we have an unusual reason for this week’s increase, which pushed the mini-major studio to an all-time high closing price of $29.90 with today’s 2.4% rise following a 6.2% jump yesterday. It isn’t just because the studio’s May 31 release, Now You See Me, is doing better than investors expected, having grossed $104.6M domestically as of the weekend. Lionsgate is benefiting this week from Friday’s re-balancing of the Russell Index, which takes place each year at the end of June. The Index identifies companies that have significantly increased their market value. Many portfolio managers use that information to decide what to do with their holdings, amplifying the results by buying shares of winners and unloading losers. The help from Russell comes as the Street continues to be optimistic about Lionsgate. Piper Jaffray just included the company in its list of top-pick stocks for Q3. The firm is impressed by the strength of the international distribution partners for upcoming films including Red 2, Ender’s Game, and Divergent. B. Riley’s David Miller also issued an upbeat report yesterday touting the studio’s upcoming opportunity to unload some of its high-yield debt.
The stock is up about 4% in mid-afternoon trading after Piper Jaffray’s James Marsh raised his price target for Lionsgate this morning by 18.5% to $32 ahead of the studio’s financial report next week for the quarter that ended … Read More »
How long will the joyride continue? Lionsgate’s stock closed today +1.6% to $16.86, exceeding the previous record of $16.68 that it reached on November 9. While that’s the company’s best closing price, it’s still shy of … Read More »
The billionaire activist investor would have been $345M richer if he had held on to his Lionsgate stock — which closed today at $14.22 per share — instead of selling the bulk of his holdings late last year for … Read More »
UPDATE, 6:30AM: Lionsgate shares are up around 3.8% in pre-market trading and are about +4.2% on the Paris stock exchange. For exhibition companies, Hunger Games’ $155M domestic opening buttresses the case that box office sales are back in 2012. … Read More »
Another day, another record closing stock price for Lionsgate. Investors are licking their chops over the expected blockbuster ticket sales for The Hunger Games, which opens Friday. That propelled company shares +7.2% today to $15.28. It … Read More »
Based on this morning’s nearly 6%-plus pop in Lionsgate’s share price, you’d never know how badly the company’s fiscal Q3 report released last night fell short of analyst forecasts. The market is forward looking, though, and Lionsgate execs filled their morning conference call with upbeat talk about their movie and TV plans. CEO Jon Feltheimer has high hopes for Charlie Sheen’s upcoming series on FX, Anger Management. The first 10 episodes begin production March 19. If they do well, then it “will be one of our most profitable series ever,” Feltheimer says, adding that Sheen ”resonates with audiences around the world.” The company expects to have Anger Management double run in syndication much earlier than usual, and to have repeats on FX within 2 1/2 years. “We would be shooting it about twice as fast as you’d typically shoot a network show,” Feltheimer said. Now that its acquisition of Summit Entertainment has closed, the company is also cheering tonight’s home video release of Twilight Saga: Breaking Dawn Part 1; the second-to-last Twilight installment will be out earlier than usual to coincide with Valentine’s Day. Lionsgate expects it to sell about as well as the previous film from the series, Twilight Saga: Eclipse. Many stores, including several Walmarts, will stay open past midnight to accomodate fans who can’t wait. Trailers for Twilight Saga: Breaking Dawn 2 will debut at showings of The Hunger Games beginning on its opening night. Not surprisingly, Lionsgate co-chair Rob Friedman says that if author Stephenie Meyer wants to write another Twilight installment, then “we’ll be there to support her.” Read More »
The film and TV company had a net loss of $24.6M, an improvement from its $29.7M loss in the quarter last year, on revenues of $358.1M, down 21.5%. That revenue figure was far below the $421.5M that analysts expected. And the net loss, at 18 cents a share, was below the 13 cent loss the Street had forecast. The bottom line could have looked even worse: Lionsgate included the $11.0M it collected from its sale of Maple Pictures. The company also was able to add $6.1M from its 31.2% stake in EPIX vs a $19.8M loss from last year’s quarter. Lionsgate says that it suffered from “underperformance of theatrical films in the quarter” — where releases included the Conan The Barbarian remake, Warrior, and Abduction – as well as “timing of DVD releases which offset gains in the Company’s television and digital businesses.” The movie operation generated $218.9M in revenues, down 36%. Read More »
Here’s still more evidence that Carl Icahn is getting out of Lionsgate’s hair. The studio’s stock price spiked after the market closed Wednesday when a big block of 3 million shares traded. I’m told the block was Icahn’s, and the … Read More »
Billionaire Carl Icahn bought 702,877 shares of Lionsgate this week, raising his stake in the movie and TV studio about 0.5% to 33.1%, he says in an SEC filing today. What appears to be his first purchase of the … Read More »
Lionsgate has recommended to shareholders that they spurn Carl Icahn’s latest offer to pay $7.50 for outstanding shares. The company just filed its Schedule 14D-9 Report. The report described a September 7 meeting of the board of directors, which unanimously rejected the offer and voted to recommend that shareholders do … Read More »
Earnings season has produced better-than-expected results at the major studios and networks with only Disney left to report tomorrow. (Watch for Deadline’s full summary.) But Lionsgate just reported bad news when Carl Icahn is breathing down its neck for that … Read More »
The British Columbia Securities Commission dismissed Carl Icahn’s request for that cease trade order against Lionsgate. (Icahn Files Lawsuit Against Lionsgate Board.) The film/TV studio fending off his hostile takeover said it was “pleased”.
Ceasefire Ends; Lionsgate Ponders Icahn’s $6.50 A Share Bid
So now Carl Icahn owns only 33.5% of the film and TV studio, and not the 37.9% he had as of yesterday. Nasty, nasty, nasty. Though it is interesting … Read More »
Another day, another brawl between Lionsgate and its biggest shareholder Carl Icahn as he attempts a hostile takeover of the studio. Today, he gave an interview to Dow Jones newswire saying he wouldn’t rule out supporting a merger between … Read More »