Movie boom keeps booming, lifting cinema stocks
I must admit that when my kids turn the dial to the popular Disney Channel show “Hannah Montana,” I make my excuses and hurriedly leave the room. But the show and related merchandise, CDs and DVDs have been a big winner for Disney (Symbol: DIS). Over the weekend, the latest Hannah Montana movie grabbed $34 million and the overall take for the weekend for Hollywood was an estimated $130 million. That’s up 61% from the same weekend last year and the best box office ever for Easter weekend, according to Steve Birenberg, money manager and founder of Northlake Capital Management. The previous weekend was even better at $148 million. In recessionary times, it seems, a night out at the movies is a solid downscaling entertainment bargain.
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