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What: Shares of movie studio Lions Gate Entertainment (NYS: LGF) were getting cheers from investors today as shares rose as much as 11% in intraday trading.
So what: After yesterday's close, Lions Gate reported results for its fiscal third quarter, but that release actually pushed shares down in after-hours trading. For the quarter, the company registered a loss of $0.01 per share on total revenue of $323 million. That was a big whiff versus Wall Street's expectation of a per-share profit of $0.09 on $364 million in sales.
Now what: So what turned it all around for Lions Gate's stock? In part, it was due to a few gorgeous vampires. More specifically, investors seem to have gotten fired up on expectations around Summit Entertainment, the studio behind the Twilight series that Lions Gate acquired last month. Twilight has grossed $2.5 billion in worldwide ticket sales. At the same time, hopes are high that the first of the Hunger Games movies -- a series that, like Twilight, is based on a wildly popular teen book series -- will be a big hit when it hits theatres next month.
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