The Walt Disney Company was banking on their CEO shuffle, putting Bob Iger in to replace Bob Chapek would save their falling stocks. While they were able to get a short-term boost, the stock has now fallen as low as $85.49 today.
While it’s true that the stocks were down across the board today, Disney took a larger hit and many are pointing to the highly anticipated ‘Avatar: The Way of Water’ coming in at $95 million – $115 million below global opening estimates. Sites like Investor Business Daily are attributing the fall to the “soft” performance as well.
They even named Disney the Dow Jones “biggest loser” for the day!
“Walt Disney (DIS) fell 3.4% after disappointing ticket sales of its “Avatar: The Way of Water” movie release in some major markets. The entertainment giant is down over 44% year to date and in bear market territory. It is the Dow Jones biggest loser today.”
It’s the lowest it’s been all year!
I also think that the reports about the behind-the-scenes drama is adding some stock woes as well.
We will have to see how their stock plays out over the next week.
What do you think? Comment and let us know!
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