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DISNEY MISSES Q3 REVENUE EXPECTATIONS, STOCK FALLS - Capital Street FX

07-Aug
23:32 IST

Walt Disney’s stock is currently trading at 134.60-lower by 5.19% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 5.05%. The stock has continued falling after the opening bell.

The entertainment giant reported its fiscal third-quarter earnings after the market close on Tuesday. The company generated an EPS (excluding certain items) of $1.35 for the third quarter. The EPS was below the consensus estimates of $1.75.

Walt Disney brought in 20.25 billion in revenue for the quarter ended in June. The revenue was also below the market expectation of $21.47 billion.

The entertainment giant reported weaker-than-expected quarterly results due to the ongoing integration of Fox’s entertainment assets which it acquired in a $71 billion deal. The deal was closed in March.

The entertainment giant’s family-friendly subscription service called Disney+ is scheduled to be launched in November. The service will feature content from Disney, Marvel, Pixar, Star Wars, and more.

Stocks of the company had gained 27% this year. Disney’s stocks touched an all-time high last week.

On the technical front, the current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards. The RSI is currently at 36.58% and suggests that the market can move in the downward direction.

 

TRADE SUGGESTION- LIMIT SELL AT 134.70 TAKE PROFIT AT 133.10 STOP LOSS AT 135.50

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