Panda and Caesar came in ahead of it, but it grossed 2.5 million on Friday. Will be a moneymaker for LGF when it really needs it.
This afternoon, S&P issued a" strong buy" on LGF with a $25 price target. The selling today does seem overdone. From present levels, I'll take $25.
After things have settled down this weekend, the current bashing (down over 30% at the moment) may look to be overdone, based on a single quarterly earnings miss. We'll see if the media agrees over the next 3 days.
I thought 24 would be the low, based on expected bad earnings. Instead LGF today plummets to a three year low. I guess if I thought it was oversold at 24, it's now extra oversold. Those predicting this low price were correct. Kudos to them.
Still, with a 10 million budget and Valentines Day coming up, I bet it makes money for LGF. After all, it's a classic "chic flick". I think it will do well, esp. compared to some of LGF's recent movies.
LGF's "The Choice" opens tomorrow. The budget is reportedly 10 million. I believe it will be a moneymaker for LGF. The bar is set pretty low. For both the film and LGF stock in the mid 20's.
LGF has dropped 40% in the last few months. Those in the know bailed out at much higher levels. Bad earnings are baked into the current stock price.
A couple of days ago LGF announced an increase in its share repurchase program from 300 to 468 million. Better to buy back at 25 rather than 40.
Selling at 41? Good move. Selling at 25? Maybe a good move. I'm going to hold. I hate selling near a bottom after a steep decline unless things are dire. At LGF, things are not that great, but they're not dire. LGF has dropped 40% from its high. Probably oversold.
This morning, Merrill Lynch downgraded WRK to neutral. The stock, which had been as high as $66 and change last year, fell to $32 and change. And Merrill put a price target of $48 on WRK.( About $14 higher than the stock opened today.) If Merrill was good at this, it would have put out a sell on WRK last year when it was at 66. Since it didn't, I would put no credence in Merrill's downgrade today. Another outfit looking in the rear view mirror.
Sentiment: Strong Buy