DreamWorks Animation SKG Inc. shares slid 11 percent Monday after the fourth and last film in the “Shrek” series turned in a so-so box office report from the weekend.
“Shrek Forever After” made more than any other movie that opened over the weekend, but its $71.3 million take was well below previous “Shrek” sequels.
That compares with $122 million for the opening weekend of “Shrek the Third” and $108 million for “Shrek 2.”
“Shrek 4” also was expected to bring in more money because it was released on a large number of 3-D screens, whose tickets cost more. Wedbush analyst Michael Pachter, who expected “Shrek” to make $120 million in its debut, said in an investor note that more than half of the 4,359 theaters showing the movie were 3-D equipped.
Pacific Crest analyst Evan Wilson, who expected $115 million in ticket sales, downgraded DreamWorks shares from “outperform” to “sector perform.
“With receipts so low, it is pretty easy to see that everything – quality, aging franchise, etc. – went wrong,” Wilson said in his investor note.
But Jefferies & Co.’s Brian Shipman kept a “buy” rating on shares, noting that the film could still do well because it will have little competition over the next four weeks.
Shares closed down $3.82, or 11 percent, to $31.05 in on the Nasdaq.
