It was a record-breaking debut for Transformers: Revenge of the Fallen on Wednesday. The highly anticipated sequel from Paramount and DreamWorks opened with $60.63 million yesterday. That figure marked the largest opening day gross ever on a Wednesday, as it easily topped the previous record of $44.23 million set by Harry Potter & the Order of the Phoenix in July of 2007. The opening day gross for Transformers 2 was also the second largest of all-time (behind only the $67.17 million opening day of The Dark Knight last July), and the fourth largest of all-time when adjusting for ticket price inflation (behind The Dark Knight, Spider-Man 3 & Pirates of the Caribbean 2).

Transformers: Revenge of the Fallen opened significantly higher than the previous Transformers film, which debuted with $27.85 million on a Tuesday in July of 2007 ($36.65 million when including grosses from its initial Monday evening performance). At this point Transformers 2 looks set to gross at least $100 million over the weekend and unless the film is incredibly front-loaded towards opening day, a 5-Day start in the $185 million to $200 million range should be in store.

Disney’s The Proposal fell to second place on Wednesday. The romantic comedy starring Sandra Bullock and Ryan Reynolds grossed $4.00 million for the day, which was down 14 percent from Tuesday. As was the case with most other holdovers in wide release yesterday, The Proposal took a hit from the debut of Transformers 2, though not quite to the same extent that most other films experienced. The Proposal has grossed $46.94 million in six days, and should serve as solid counter-programming to Transformers 2 over the weekend.

The Hangover finished in third place for the day with $3.08 million. The R-rated comedy blockbuster from Warner Bros. was down 12 percent from Tuesday, which was a solid hold given the presence of Transformers 2. However, The Hangover was down 39 percent from last Wednesday, likely meaning that it won’t continue its string of tremendous weekend holds this weekend. The Hangover has grossed a much better than anticipated $163.20 million in 20 days.

Disney’s UP experienced one of the day’s better holds among wide releases, as it was down just 8 percent from Tuesday. The latest computer animated blockbuster from Pixar continues to display excellent holding power, as its $2.69 million gross on Wednesday was down just 30 percent from last Wednesday. The 27-day gross for UP stands at $234.66 million, which means it will soon overtake Paramount’s Star Trek to become the year’s highest grossing film domestically. However, UP won’t be able to make the claim for long, as Paramount will reclaim the top spot with Transformers 2 in the very near future.

Sony’s Year One experienced another troubling daily decline on Wednesday. The PG-13 comedy starring Jack Black and Michael Cera was down 20 percent from Tuesday (with Tuesday already being down 22 percent from Monday). Year One has grossed $25.30 million in six days, but is set to experience a huge fall-off this weekend.