Wall Street not impressed with $34M opening of studio's latest animated feature, “Puss in Boots”
Here we go again?
Wall Street appears to be once again unhappy with the opening of a DreamWorks Animation feature, dropping the company's stock more than 7 percent in early trading Monday.
Granted, there's still nearly a whole day of trading left, so things could change — we'll update this report frequently.
Over the weekend, DreamWorks' latest animated film, "Shrek" spinoff "Puss in Boots," debuted to $34 million at the domestic box office.
DreamWorks Animation stock has dropped during each of the company's film openings over the last 18 months, and $34 million is the slowest domestic start for any of those movies.
Since bottoming out at $16.93 a share on Oct. 3, DreamWorks shares steadily rose to close at $19.85 on Friday.
However, the company's stock price has steadily declined since peaking at $44 a share right before "How to Train Your Dragon" premiered to $43.6 million domestically in March 2010.
The animation studio continues to face an endemic problem — an inability to grow much beyond where it is currently, and thus far no buyer to fold the studio into a larger entity.