‘COBRA’ TAKES THE BIGGEST BITE OUT OF HOLIDAY MARKET

As expected, the Sylvester Stallone police thriller “Cobra” enjoyed the biggest opening of any film in 1986, taking in $15.7 million during the extended Memorial Day weekend.

“Cobra,” which was opened without reviews and then got mostly bad ones afterward, set a Warner Bros. record for holiday openings. It was also the biggest opening for any Stallone movie that was not a sequel.

But the parched accountants at MGM may have had even more reason to cheer. “Poltergeist II” grossed $12.4 million in 535 fewer theaters, and edged “Cobra” on a per theater basis $7,743 to $7,345.

Paramount’s “Top Gun” had a huge second weekend, totaling $9.4 million over the four days, in just 1,057 theaters. On a per theater basis, “Top Gun’s” $8,893 figure outperforms both “Cobra” and “Poltergeist II.”

The three pre-season summer favorites have now taken in nearly $50 million, giving a mid-year boost to an industry that has been in the doldrums. Industry analysts say the box office is down $40 million to $50 million this year from 1985.