Archive for Tuesday, May 07, 2002
‘Spider-Man’ Fails to Save Day on Wall St.
Even Spider-Man couldn’t save Wall Street on Monday.
Sony Corp.’s movie about the web-slinging superhero smashed box office records over the weekend. But the stocks of several companies that stand to benefit from spider-mania turned in decidedly unheroic performances during Monday’s market sell-off.
Sony’s American depositary receipts fell 2 cents to $54, even though the movie’s weekend gross of almost $115 million was the fastest trip past $100 million in ticket sales in cinematic history.
Perhaps anticipating the movie’s success, shares of Sony (ticker symbol: SNE) are up almost 20% this year.
The film’s success also failed to boost other spider-related stocks. Toy maker Grand Toys International Inc. (GRIN), which has the rights to produce Spider-Man action figures, lost 4 cents to $2.80, and CKE Restaurants Inc. (CKR), which is selling collectors cups at its Hardee’s and Carl’s Jr. hamburger chains, slumped 72 cents to $11.55.
Even Marvel Enterprises Inc. (MVL), publisher of “Spider-Man” comic books, climbed only 4 cents to $7.70–and it was in the red until the last few minutes of trading.
- Ted Stevens scandal puts Republican Senate seat in play
- Mervyns, a California retail fixture, files for bankruptcy
- High-tech study reveals early Van Gogh work beneath another painting
- The putsch that imperiled America
- Buzzzzzzzz kill
- Carcinogen worries stick to food packaging
- Off-duty LAPD officer shot by Long Beach police
- Quake
- There ought to be a law against quakes during bar exam
- Woman's body found on Delta flight from L.A. to Atlanta
- Jake Brown's 4 1/2-story fall lives on in X Games lore
- Ancient T. rex tissue, or just old slime?
- You've got too much e-mail
- Dodgers may be trying to get Greg Maddux again
- Obama emerges as major campaign issue -- for both candidates
- 3 Yorba Linda homes more than shaken by quake
- Dodgers' Chad Billingsley gets first shutout
- New California graffiti law: Clean it up and keep it clean
- Study finds 11% drop in illegal immigrants
- Obama's best strategy? Attack
