The Cannes Film Festival continued on the third day with two competition premieres and a number of new acquisitions.

One of the most surprising premieres was the Hungarian film "Son of Saul." The film is premiering in the competition slate and received universal praise. The film delves into the harrowing concentration camp experience in Auschwitz. Critics have raved about its intensity and have already put it as one of the top contenders to win the Palme D'Or.

Meanwhile Yorgos Lanthimos' latest film "The Lobster" obtained mixed reviews. The film was praised for its first two acts, but most critics said it fell short in the last act of the movie making it a mixed bag. "The Lobster" is Lanthimos' first English movie and it stars Colin Farrell, Rachel Weisz, Lea Seydoux and Ben Whishaw.

Woody Allen's latest "The Irrational Man" also premiered outside the competition slate. Allen's film received positive reception, but what made the opening more special was the appearance of the director. Allen has been in obscurity for a long time as he rarely attends premieres, awards shows and is barely seen in public.

"Mad Max" also premiered and saw Charlize Theron arrive on the red carpet alongside Sean Penn as well as Zoe Kravitz, Tom Hardy and Michelle Rodriguez. The movie has received rave reviews and is expected to be a huge hit at the box office.

At the Market, a number of casting announcements were made. Matt Bomer, Denzel Washington and Chris Pratt all joined the cast of "The Magnificent Seven." The movie is shaping up to be star-studded as it also stars Ethan Hawke and Jason Momoa. The film will be a remake of the famous 1960 film of the same name, which starred Steve McQueen, Yul Brynner and Charles Bronson. The film will be directed by Antoine Fuqua.  

Director Abel Ferrara will launch a Kickstarter campaign for his latest film "Siberia." The director, who has made a number of controversial films including last year's "Pasolini." The campaign will launch on Monday, and the director is expecting to raise half a million dollars. Ferrara will team up with Willem Dafoe for this upcoming project.    

The Weinstein Company also had its annual presentation in which it showcased trailers to the 2015 films. 

Among the movies that were showcased included "SouthPaw," "Macbeth," "Carol" and "Tulip Fever." 

However, the film that most were excited about was "The Hateful Eight." The company showed the first footage of the film, which is still in production and is slated for an end of the year release.

The Cannes Film Festival continues this whole week and a number of films have yet to premiere in competition. Among these movies are Todd Haynes' "Carol," Justin Kurzel's "Macbeth," Jacques Audiard's "Dheepan" and Gus Van Sant's "The Sea of Trees." The annual festival is one of the most important as it launches a number of films and showcases some of the best directors in the world.

The festival will end on May 24, and the awards ceremony will be held on May 23.