The price of DeLaurentiis Entertainment Group shares plummeted to $6.50 Thursday, down $2.25 on the American Stock Exchange, due largely to the disappointing performance of its latest movie, "Million Dollar Mystery," and Paine Webber's change in recommendation to "hold" from "buy." Paine Webber served as the company's underwriter in its initial public offering last year, when it sold at $12 per share.
"Million Dollar Mystery" averaged just $368 in ticket sales at each of nearly 1,400 theaters in its first three days of release, according to Variety, a weekly trade publication.
Stephen R. Greenwald, the company's chief operating officer, said DeLaurentiis knew of no other reasons for the stock activity. Greenwald said a press release would be issued today concerning the movie's effect on the company.