'Saw' lifts Lions Gate stock
Horror sequel bow pumps shares
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Jump was particularly significant as Lions Gate, like most media companies, has seen its stock fall substantially this year amid industrywide concerns over flattening DVD sales and a slumping box office.
Company's net loss also widened substantially in the second quarter.
Before Monday's jump, Lions Gate stock was down 16% in 2005. That's a striking difference from 2004, when the indie studio's shares more than doubled.
"Saw II" grossed an estimated $30.5 million over the weekend, making it the top opening in Lions Gate's history and the biggest opener of the fall season.
Investors were not only impressed by the low-budget horror pic's opening, but apparently confident it will do well on DVD and spawn more profitable sequels.
Studio also has done well this year with surprise hit "Diary of a Mad Black Woman" and the long-running "Crash," but found weak results from "Lord of War," "Waiting" and "The Devil's Rejects."
Lions Gate shares closed at $9.60 Monday, putting it down 10% for the year.
