Walt Disney (DIS) – It’s been a wild ride on Wall Street since February, as the stock market fell into a bear amid the coronavirus crash. Disney stock got slammed as the Dow Jones company closed its theme parks and suspended Disney Cruise Line departures.
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And its quarterly results showed some of those ill effects. But now it’s looking forward as the world tries to shift into a post-coronavirus mode, even though Covid-19 cases and deaths continue to rise.
On May 11, Shanghai Disneyland opened for the first time since late January 2020, with limited capacity. Masks and social distancing measures were enforced. Tickets sold out within minutes for opening day.
Hong Kong Disneyland reopened in June but closed in July, due to new restrictions set by government and health authorities in Hong Kong. It reopened again Sept. 25.
The media and entertainment giant reopened Walt Disney World’s Magic Kingdom and Animal Kingdom July 11. Epcot and Hollywood Studios followed suit on July 15. But its California theme parks and resort hotels have been closed since mid-March.
On Sept. 28, Disney announced it’s axing 28,000 theme park jobs. It said in a statement that coronavirus uncertainty was “exacerbated in California by the State’s unwillingness to lift restrictions that would allow Disneyland to reopen.” (In November, Disney said it will lay off another 4,000 workers.)
In October, Disney announced a major reorganization, which boosted shares 3% the next day. Late last month, Disney+ made Nielsen’s Top 10 list of streaming titles for the first time ever, as the second season of its hit series “The Mandalorian” kicked off on Oct. 30.
On Dec. 10, Disney announced aggressive plans to boost its Disney+ streaming service.
Does that mean Disney stock is a buy right now? Do your research; defend your answer.
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