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NEW YORK – Shares of DreamWorks Animation SKG Inc. dropped Monday after disappointing ticket sales for the movie "How to Train Your Dragon" during its opening weekend.
The stock fell $3.94, or 9.2 percent, to $38.87 in morning trading. The stock has ranged from $17.95 to $44.77 over the past year.
The studio's latest animated adventure pulled in $43.3 million, taking the No. 1 spot for the weekend. But it came in well below DreamWorks' "Monsters vs. Aliens," which made $59.3 million over the same weekend last year.
In a note to investors, Jefferies & Co. analyst Brian Shipman said he was expecting box office sales of $64 million, but added, "Word of mouth and strong reviews could partially offset the light weekend."
Wedbush analyst Michael Pachter said the results were especially disappointing given the number of 3-D screens DreamWorks was able to line up for the opening.
He said there were 2,178 3-D screens showing "How to Train Your Dragon" this weekend, compared with just 1,149 for "Monsters vs. Aliens" last year. Theaters typically charge extra for 3-D showings.
The stock fell $3.94, or 9.2 percent, to $38.87 in morning trading. The stock has ranged from $17.95 to $44.77 over the past year.
The studio's latest animated adventure pulled in $43.3 million, taking the No. 1 spot for the weekend. But it came in well below DreamWorks' "Monsters vs. Aliens," which made $59.3 million over the same weekend last year.
In a note to investors, Jefferies & Co. analyst Brian Shipman said he was expecting box office sales of $64 million, but added, "Word of mouth and strong reviews could partially offset the light weekend."
Wedbush analyst Michael Pachter said the results were especially disappointing given the number of 3-D screens DreamWorks was able to line up for the opening.
He said there were 2,178 3-D screens showing "How to Train Your Dragon" this weekend, compared with just 1,149 for "Monsters vs. Aliens" last year. Theaters typically charge extra for 3-D showings.