{"id":82563,"date":"2023-11-09T10:51:38","date_gmt":"2023-11-09T15:51:38","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/disney-stock-soars-6-after-strong-earnings-biggest-gain-of-2023\/"},"modified":"2023-11-09T10:51:45","modified_gmt":"2023-11-09T15:51:45","slug":"disney-stock-soars-6-after-strong-earnings-biggest-gain-of-2023","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82563","title":{"rendered":"Disney Stock Soars 6% After Strong Earnings\u2014Biggest Gain Of 2023"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Shares of Disney surged Thursday after the company posted stronger profits than expected, and analysts say the company\u2019s strong quarterly results may ease mounting pressure on the entertainment giant to significantly change its business.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Disney stock gained more than 6% to above $90 shortly after Thursday\u2019s market open, hitting its highest share price since August and posting its strongest daily gain since last November.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The boost follows the firm\u2019s Wednesday afternoon earnings report which saw profits come in higher than anticipated, and included confirmation from Disney brass that the company will pay out dividends for the first time since 2019 by year\u2019s end.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Disney\u2019s rally comes amid a lengthy down period for the stock, which included calls for the company to drastically alter its business model, such as possibly exploring a sale of its majority-owned ESPN unit and facing an ongoing challenge from billionaire activist investor Nelson Peltz, who holds a roughly 1% stake in Disney and has lobbied extensively for Disney to rein in costs.<\/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>But \u201cif Disney can keep executing like this, the push to breakup the company will likely not have much traction,\u201d Rosenblatt analyst Barton Crockett wrote in a Thursday note.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>In a similar vein, Bernstein analyst Laurent Yoon speculated Disney\u2019s significantly increased cost-cutting guidance could cause Peltz\u2019s investment firm Trian Asset Management to \u201cstep aside once again,\u201d nodding to Peltz\u2019s briefly-lived proxy battle from January to February which reports suggest could soon reignite.<\/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><strong>\u201c<\/strong>You can\u2019t cut your way to growth,\u201d Bank of America analyst Jessica Reif Ehrlich told CNBC on Thursday, attributing much of Disney stock\u2019s post-earnings bump to optimism about increased cost-cutting. \u201cAt this point, the focus has to be on growth\u201d for Disney, continued Reif Ehrlich, noting Disney isn\u2019t \u201cimmune\u201d to legacy entertainment\u2019s secular decline but its growth narrative is \u201cgetting better.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Disney shares are up 3% over the past 12 months, underperforming the S&amp;P 500\u2019s 17% gain, and the media leader\u2019s stock is down more than 50% from its all-time high achieved in March 2021. Bob Iger, who first served as Disney\u2019s CEO from 2005 to 2020, returned to his post as Disney\u2019s boss last November to right the ship, with among his primary initiatives to focus streaming efforts on profitability rather than subscriber growth. Iger has maintained he intends for Disney to hold a majority stake in ESPN. Reports have posited that sports leagues could potentially emerge as buyers of the minority equity stakes.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>About $24 billion. That\u2019s ESPN\u2019s implied enterprise value, according to a recent Bank of America analysis based on ESPN\u2019s projected earnings in the upcoming fiscal year. Disney\u2019s total enterprise value, inclusive of ESPN, is about $180 billion.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/11\/09\/disney-stock-soars-6-after-strong-earnings-biggest-gain-of-2023\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Shares of Disney surged Thursday after the company posted stronger profits than expected, and analysts say the company\u2019s strong quarterly results may ease mounting pressure on the entertainment giant to significantly change its business. Key Facts Disney stock gained more than 6% to above $90 shortly after Thursday\u2019s market open, hitting its highest share [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":82564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-82563","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 Soars 6% After Strong Earnings\u2014Biggest Gain Of 2023 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Shares of Disney surged Thursday after the company posted stronger profits than expected, and analysts say the company\u2019s strong quarterly results\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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