Disney Stocks Rebound Yesterday After Optimism Increases Over Theme Parks and Studios Re-Opening
Disney had a slightly more positve day at the stock market yesterday with shares rising 4.5% and closing at a 38-day high of $106.63, this according to a recent piece in Variety. The increase is a result, the publication argued, of investors feeling positive about the federal government outlining a timetable by which theaters and theme parks could start to re-open.
According to reports, Disney’s market capitalization increased to over $192.00 putting to bed this week’s news story that Netflix was worth more than the Walt Disney Company.
The stock increase is attributed to the three-phase plan released by the White House yesterday. The plan outlines benchmarks that states and regions must reach to easy the social distancing measures that have been put in place during the COVID-19 pandemic. This includes a plan to re-reopen large venues including movie theaters and sit down restaurants though strict protocols will need to be adhered to.
However, we here at MickeyBlog should note that it may yet be a while before Disney sees the benefits of public spaces re-opening. BMO Capital Analyst Dan Salmon, for instance, said that he doesn’t expect Disney theme parks to be re-open before July 1st.
Disney will be reporting on quarterly earnings for the quarter on May 5th. This is something we’ll be following very closely here at MickeyBlog and promise to keep you posted of the latest Disney financial news and updates!
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