{"id":7282,"date":"2023-05-11T10:56:11","date_gmt":"2023-05-11T14:56:11","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback\/"},"modified":"2023-05-11T10:56:12","modified_gmt":"2023-05-11T14:56:12","slug":"disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7282","title":{"rendered":"Disney Stock Set For Worst Day Since CEO Bob Iger\u2019s Comeback"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Shares of Disney are on pace to notch their largest daily decline in six months Thursday following the release of the firm&#8217;s quarterly earnings report, which disappointed investors, as the pixie dust wears off from CEO Bob Iger\u2019s November return once celebrated as nothing short of \u201cmagic.\u201d<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Though it met consensus profit and sales estimates for the first three months of the year, Disney suffered a stock slide after disclosing staggering losses to its subscriber base and worse-than-expected revenue for its Disney+ streaming service.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Shares of the entertainment behemoth sank 9% in early Thursday trading to $92.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>That\u2019s by far the stock\u2019s worst day since November 9, shortly before the November 20 comeback of Iger.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Disney\u2019s decline weighed heavily on the Dow Jones Industrial Average, which slipped 360 points, or 1.1%, on pace for the index\u2019s largest daily slide in over a month.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Despite their initial 23% surge in the three months after Iger\u2019s return, Disney shares are now up just 1% since November 20 \u2013 far underperforming the S&amp;P 500 and tech-heavy Nasdaq in that stretch.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>In a Wednesday note to clients, Daiwa analyst Jonathan Kees described it as a \u201cslightly negative\u201d earnings report due to streaming concerns while its strong profit and sales numbers were \u201ccommendable\u201d amid a rocky macroeconomic environment.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Crucial Quote<\/h2>\n<p>\u201cWe\u2019re still a start-up in many ways,\u201d Iger said Wednesday, describing Disney\u2019s direct-to-consumer streaming segment and pointing to Disney+\u2019s 2019 launch date. The unit lost $659 million last quarter, a 26% year-over-year decline but a stark contrast from rival Netflix\u2019s $1.7 billion operating income in its most recent quarter.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>Netflix stock\u2019s 100% gain over the last year may far outpace Disney stock\u2019s nearly 10% loss, but Disney has an \u201cincredible advantage\u201d over Netflix in the streaming space, according to David Trainer, CEO of boutique research firm New Constructs. \u201cThe ability to use streaming as a mechanism for attracting more consumers into the funnel for Disney&#8217;s other offerings, which are very profitable\u201d sets Disney apart, says Trainer. Disney\u2019s parks and products segment turned a $1.1 billion profit last quarter.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$16 billion. That\u2019s how much market capitalization Disney lost Thursday, roughly the market cap of Fox Corporation and more than the total value of CBS and Paramount+ parent Paramount.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>If Disney\u2019s high-profile standoff with Florida lawmakers impacts the bottom line of its parks unit as its flagship central Florida park faces opposition from Gov. Ron DeSantis (R-Fla.) and his allies. Disney filed a lawsuit against the state last month to retain its special district status for Disney World. Iger asked Wednesday: \u201cDoes the state want us to invest more, employ more people and pay more taxes or not?\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>Disney Earnings: Stock Slips As Disney+ Bleeds Millions Of Subscribers (<em>Forbes<\/em>)<\/p>\n<p>\u2018Does The State Want Us To Invest More?\u2019: Disney CEO Takes On Florida Gov. DeSantis (<em>Forbes<\/em>)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/05\/11\/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Shares of Disney are on pace to notch their largest daily decline in six months Thursday following the release of the firm&#8217;s quarterly earnings report, which disappointed investors, as the pixie dust wears off from CEO Bob Iger\u2019s November return once celebrated as nothing short of \u201cmagic.\u201d Key Facts Though it met consensus profit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-7282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Disney Stock Set For Worst Day Since CEO Bob Iger\u2019s Comeback | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Shares of Disney are on pace to notch their largest daily decline in six months Thursday following the release of the firm&#039;s quarterly earnings\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=7282\" \/>\n<meta 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