Why Walt Disney Stock Shriveled Today
Walt Disney (NYSE: DIS) might be the company that operates "The Happiest Place on Earth," but its stock didn't produce much joy on Monday. It fell in excess of 4%, a notably worse performance than the 0.9% dip of the S&P 500 index, due to the perceived underperformance of a prominent new film.
Avatar: The Way of Water, the long-awaited sequel to the 2009 blockbuster Avatar, began its theatrical run on Friday. Across the film's all-important opening weekend, it grossed $134 million in domestic ticket sales.
$134 million would be considered an excellent product launch by most companies, but Disney is not most companies. The entertainment giant was estimating that the movie would open at $135 million to $150 million. Industry analysts were modeling even higher numbers off advance ticket sales, with an average $175 million projection.
Source Fool.com
