Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, March 1.
Full Video Transcript Below:
REMY BLAIRE: I’m Remy Blaire, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off another positive month, with all three major averages ending February in the green. Investors are hopeful that inflation will start to come down, with bets on interest rate cuts in June.
Investors are looking ahead to a lineup of Fed speakers. These comments will be closely monitored for hints into the Fed’s path forward on interest rates.
Turning to the big screen, AMC says two people are solely responsible for its 2023 Q4 revenue growth, and neither are Barbie or Oppenheimer. CEO Adam Aron says Taylor Swift’s and Beyonce’s concert films accounted for “literally all” of the company’s growth last quarter.
Aron, speaking on AMC’s earnings call, went on to say, “These two movies added greatly, not only to AMC’s bottom line but to movie theater success across our entire industry. Just these two films represented fully one-ninth of the complete fourth-quarter, domestic, industry-wide box office.”
Taylor Swift’s Eras Tour film grossed more than $200 million alone. AMC says that makes it the highest-grossing documentary or concert film of all time. Meanwhile, Beyonce’s Renaissance film brought in more than $35 million.
But AMC wasn’t the only company to receive the Swiftie and Bey-Hive bump. Lyft said rides to stadiums increased by 35 percent year-over-year and specifically credited the two fan groups for the added rides.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
