It was an excellent earnings beat by Disney on Wednesday …
Revenues: $23.51 billion vs $23.39 billion
EPS: $.99 vs $.74
It was an excellent earnings beat by Disney on Wednesday …
Revenues: $23.51 billion vs $23.39 billion
EPS: $.99 vs $.74
The negative was the streaming business, which lost $1.1 billion as competition is hitting the top streamers, with growth slowing to 2%.
And it was reflected in yesterday’s 7% move down.
Disney is being reshaped under the Bob Iger sequel and he has been slashing costs to boost profitability and sustain growth going forward.
Iger announced cutting 7,000 jobs, which may ignite a cost savings of $5.5 billion. The stock has reacted very positively to the resurrection of Iger and is +35% YTD.
DIS ran out of steam yesterday near the $120 price target, which is where a large positive gamma strike resided. With 23% of gamma expiring I felt we would see a pullback from that level …
The support was at $110 – and, sure enough, that’s exactly where it went.
Griff