The stock market might be closed but Martin Scorsese’s “The Wolf of Wall Street” had no trouble cashing in at the holiday box office on its first day of release, Variety reported.

According to early estimates, Paramount’s R-rated drama led all Christmas sales with approximately $10 million Wednesday, Dec 25 while Warner Bros.’ “The Hobbit: Desolation of Smaug” was close behind with $8.9 million.

“Wolf of Wall Street,” starring Leonardo DiCaprio, earned a low ‘C’ Cinemascore with audiences but is still projected to earn north of $35 million through Sunday and could very well give Bilbo Baggins a run for his money this holiday weekend.

“The Hobbit,” having grossed over $400 million worldwide, is expected to add another $40 million to its U.S. cume.

Christmas sales were overall stronger-than-expected Wednesday for newcomers. 20th Century Fox’s “The Secret Life of Walter Mitty” (Fox) is projected to earn $7.5 million opening day and Universal’s “47 Ronin,” despite its dreary B.O. forecast, grossed $6.7 million.

The day’s other wide release, Sylvester Stallone and Robert De Niro’s boxing pic “Grudge Match,” entered the ring with $4.5 million.

Paramount’s “Anchorman 2″ rounded out the top 3 with over $8 million.