‘Spider-Man’ Fails to Save Day on Wall St.
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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.
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