Why Disney Stock Was Rising Today
Shares of Walt Disney (NYSE: DIS) were moving higher today as the entertainment giant caught a tailwind from the market rebound over hopes that the coronavirus was close to peaking in the U.S. and Europe. That news helped drive gains for Disney and much of the consumer discretionary sector as travel and entertainment stocks have been especially sensitive to the shutdowns in effect across much of the country.
As of 1:56 p.m. EDT, the stock was up 5.4% while the S&P 500 had gained 5.8%.
All six of Disney's theme parks around the world remain shuttered because of the coronavirus outbreak, which has also put its cruise line temporarily out of business, delayed filming of live-action movies and the box office release of all movies, and put a pause on the sporting events that are regularly aired on ESPN. In other words, the pandemic is having a broad-based effect on the business and its financial position, which has led the company to raise new debt in the U.S. and Canada in recent weeks and warn on its performance.
Source Fool.com
