'Puss in Boots' Box Office Boosts DreamWorks Animation Shares
The film that disappointed investors a week ago suddenly impresses them after all.
Investors and Wall Street analysts are revisiting Puss in Boots, and they like what they see.
On Monday, shares of DreamWorks Animation soared 12 percent because its newest film brought in $33 million at domestic theaters over the weekend, a miniscule drop from the $34.1 million it scored in its opening weekend.
The pop in the stock was a welcome reverse to last Monday's 8 percent decline when Puss in Boots was considered a disappointment. Now that it's considered a bona fide hit, the shares rallied $2.08 on Monday to $19.57.
Worldwide, the Shrek spinoff has generated $115 million in box office so far, which impressed analysts, bloggers and film reviewers alike, given its relatively soft opening.
"With a nearly unprecedented hold, Puss In Boots easily claimed first place for the second straight weekend," Ray Subers wrote at Boxofficemojo.
"For investors that were concerned that Puss in Boots would prove a flop for DreamWorks, the weekend's box office numbers are likely a relief," wrote Matt Koppenheffer at the Motley Fool. "These numbers suggest the Shrek franchise may still have some juice left."