AMC's (AMC) stock popped more than 5% during Tuesday's session after the movie theater chain broke a 15-year-old box office record for Memorial Day weekend with the performance of “Top Gun: Maverick," starring Tom Cruise.

Shares AMC were volatile during the first hour of trading — stock opened higher, then fell into negative territory, before clawing back to gains.

Over the last five trading days, AMC shares are up more than 40%.

AMC said in a release on Monday its domestic box office saw an estimated 122% year over year increase versus 2021’s Memorial Day weekend. 'Top Gun: Maverick' brought in an estimated $156 million at the box office over the holiday weekend, giving Tom Cruise his first $100 million opening weekend and marking the best Memorial Day opening on record.

In all, nearly 4 million guests came to an AMC in the United States to see a movie during the holiday weekend, according the company. Additionally approximately 1.1 million guests saw a movie at AMC’s international theaters.

AMC rose around 25% last week amid a broader weekly rally. Video game retailer GameStop (GME) — which, alongside AMC, is a leading "meme stock" watched by investors — was up more than 30% during the same period.

Consumer discretionary and Information Technology stocks led the markets higher last week, with more speculative assets also rising.

AMC shares are still down over 40% year-to-date amid a broader market downtrend.

Ines is a markets reporter covering equities. Follow her on Twitter at @ines_ferre

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