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UPDATE 1-Box Office: ‘In the Heart of the Sea’ Flops With $11 Million Debut

LOS ANGELES (Selection.com) – Ron Howard’s “In the Heart of the Sea” sunk at the box workplace, mustering up a measly $ 11 million after debuting in three,103 theaters.

It really is a painful flop for the director behind “A Beautiful Thoughts” and “Apollo 13.”

1 of the worst of his Oscar-winning profession. With an $ 100 million production budget, the film will likely result in a steep write down for Warner Bros., the studio behind the seafaring epic.

“In the Heart of the Sea’s” failure is the most current in a long string of missteps and disasters for the company, which is reeling from a litany of disasters that contains “The Man From U.N.C.L.E.,” “Jupiter Ascending,” and “Pan.”

The studio did catch a break more than Thanksgiving when “Creed” emerged as a sleeper hit and its monetary exposure is softened on “In the Heart of the Sea” because Village Roadshow was a economic companion.

“We stand behind Ron and his vision for the story,” mentioned Jeff Goldstein, Warner Bros. distribution executive vice president. “We believe in him. He’s a terrific filmmaker. But some films function and unfortunately some motion pictures do not.”

“In the Heart of the Sea” reunites Howard with Chris Hemsworth. The pair previously collaborated on the racing drama “Rush.” It centers on the Essex, a whaling vessel that had a violent encounter with a sperm whale. The nautical disaster inspired Herman Melville’s”Moby Dick.” Outside of the “Thor” films, Hemsworth has struggled to establish himself as a box workplace draw — “Rush” and this year’s cyber thriller “Blackhat” both fizzled.

The film is the latest adult oriented drama to collapse at the box office, joining a list that consists of “Steve Jobs,” “Our Brand is Crisis,” and “Burnt.” The opening weekend audience for “In the Heart of the Sea” skewed older. Ticket purchasers have been 54% male and 68% over the age of 35. 3D screenings accounted for 42% of receipts.

Warner Bros. hopes it can make up some ground over the holidays, noting that the B+ CinemaScore indicates word-of-mouth will be solid.

“The adult audience has been slow to come out and that’s frustrating since this is a story nicely told,” stated Goldstein.

Of course, the entire weekend was a throat clearing of sorts as the movie organization braces for the debut of “Star Wars: The Force Awakens” next week. The return to a galaxy far, far away is on pace to shatter records for a December opening and could threaten “Jurassic World’s” debut of $ 208.eight million to become the greatest launch in history.

With “In the Heart of the Sea” flailing, “Hunger Games: Mockingjay – Component 2” captured first location for the fourth straight weekend with $ 11.3 million. The science-fiction franchise capper has earned $ 244.five million domestically.

Amongst holdovers, “The Excellent Dinosaur” nabbed second place with $ 10.five million, bringing its domestic total to $ 89.7 million. “Creed” captured fourth position with $ 10.1 million. The boxing drama has earned $ 79.3 million after 3 weeks of release.

“Krampus” dropped 58% in its second weekend of release to round out the prime 5 with $ 8 million. The Christmas-themed horror film has earned $ 28.1 million stateside.

UPDATE three-Computer software maker Atlassian pops in debut, brings light to IPO industry

Shares of the Australian computer software maker, which helps businesses collaborate and handle their operations, ended their 1st day of trading at $ 27.78, up nearly a third from the initial public supplying cost of $ 21.

The Sydney-primarily based company closed out the day with a market place worth of $ 5.eight billion, properly above its last private valuation of $ three.three billion final year.

The performance shone some light on a bleak stretch for IPOs, on pace to have their worst year in terms of dollars raised since 2009, according to IPO fund manager Renaissance Capital. First-day returns from IPOs this year are in negative territory.

“It’s usually challenging to anticipate the enthusiasm in the market,” said Jay Simons, Atlassian president and head of the company’s San Francisco workplace. “There is a quite modest percentage of IPOs even in the final couple of years that have moved their value range up and then priced above the range.”

Atlassian’s IPO raised $ 462 million after pricing just above the anticipated range of $ 19 to $ 20. It is the sixth-most extremely valued IPO of the year.

Its strong debut signals that not all of the 145 tech ‘unicorns’ – venture-backed private firms worth $ 1 billion or much more – are overvalued. Atlassian, in contrast to most of these unicorns, tends to make a profit.

Some startups struggling to make income have been hit with discounts in each the private and public market place. Loss-generating mobile payments organization Square was valued at $ 6 billion in the private industry but took a 42 % haircut on its valuation in its IPO last month.

Meanwhile, Fidelity Investments has been marking down the worth of its private tech holdings.

Atlassian, which has been lucrative for the last ten years, has not raised any venture capital funding to support its operations. For the final fiscal year, it posted profit of $ 6.78 million.

However, the organization mentioned its profit, which shrank by about two-thirds from 2014, may continue to slide as it spends far more on building new technology.

That could pose a difficulty, said James Gellert, CEO of Speedy Ratings, which assesses the economic wellness of firms. More than the previous several months Atlassian has rushed new, potentially reduce good quality goods to industry.

“If they shed the self-assurance of the improvement neighborhood they could see … a serious sales issue,” Gellert said.

(Reporting by Heather Somerville in San Francisco Extra reporting by Nikhil Subba in Bengaluru Editing by Ted Kerr and Bill Rigby)