Disney Stocks Plummet To 2014 Levels
The Walt Disney Company is ending 2022 with stock prices the lowest that they’ve been since October 2014. For reference, this is before Disney released it’s first Star Wars film The Force Awakens.
According to a recent piece in Morningstar.com, Disney shares closed on Wednesday on a massive decline that essentially wiped away all of the company’s pandemic-era gains. The stocks closed Wednesday at $84.16 meaning that shares are now down 45.7% on the year. This means that Disney is facing its worst annual stock performance since 1974.
To put this into perspective, the last time Disney stocks closed lower than they did yesterday was on October 14, 2014. As Morningstar points out, this is significant as it predates the release of Star Wars: The Force Awakens which saw a re-shaping of Disney’s intellectual property which would eventually see stock prices soar. Disney would continue to perform strongly at the stock market until COVID-19 when it dipped in March 2020.
At it’s height, Disney shares would peak at more than $200 a share in March of 2021, largely due in part to the success of the Disney+ streaming network as the pandemic meant viewers were spending more time at home streaming. However, this success on Wall Street was short-lived with Disney (now famously) missing budget expectations with $1 billion losses reported in the fourth quarter. As a result, Chapek was out as CEO and Iger was pulled out of retirement to once again front the company.
We’ll be keeping our eyes on Disney stocks as we enter 2023. We’ve got Marvel’s Ant-Man and the Wasp sequel Quantumania coming out in February. Disney’s acquisition of 20th Century Fox also means that they will reap the benefits of Avatar: The Way of Water’s success. If you’ve been following along with with MickeyBlog you’ll know that the James Cameron film just crossed the $1 billion mark at the global box office.
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