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Walt Disney’s stock is currently trading at 102.16-lower by 3.17% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 3.2%. The stock has pared some of its losses after the opening bell.
MoffettNaathanson downgraded the entertainment giant’s stock to neutral from buy. The firm downgraded stocks of Walt Disney citing economic pressures stemming from the coronavirus outbreak. The firm also updated its estimates for Disney, which is now below the median forecast for EBIT, revenues and free-cash-flow. The firm said that the entertainment giant could get a pass on its fiscal 2020 results.
Moffett Nathanson also lowered its fiscal 2022 forecast due to incremental risk and uncertainty. The firm also said that Disney+ is getting stronger during the coronavirus pandemic, but it is not going to generate free cash flow to counter losses. Stocks of the entertainment giant have fallen about 30% Year-to-date. Disney is scheduled to report its quarterly earnings after the market closes on Tuesday.
On the technical front, the RSI is currently at 47.8% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 102.30 TAKE PROFIT AT 101.00 STOP LOSS AT 102.95