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Thursday, May 11, 2023 11:11:27 AM
Put Traders Blast Walt Disney (DIS) Stock After Earnings
By: Schaeffer's Investment Research | May 11, 2023
• Disney reported fiscal second-quarter earnings and revenue last night
• The company reported a decline in streaming subscribers
Put traders are targeting Walt Disney Co (NYSE:DIS) stock after earnings, with 129,000 bearish bets traded already today, which amounts to 10 times the intraday average amount. The most popular contract is the weekly 5/12 93-strike put, followed by the 92-strike put in the same series, with new positions opening at both.
Walt Disney stepped into the earnings confessional after last night's close, reporting fiscal second-quarter earnings that matched Wall Street's estimates. The entertainment giant's revenue, meanwhile, came in slightly higher than forecasts. The company's streaming subscribers declined, and though business improved the shares were last seen 8.2% lower at $92.83.
Amid an ongoing legal battle with Florida Governor Ron DeSantis, no less than three analysts slashed their price targets on DIS. Specifically, Guggenheim, J.P. Morgan Securities, and Rosenblatt lowered their respective price objectives to $125, $125, and $117. The 12-month consensus target price of $123.93 is a 33.2% premium to current levels, which implies more price-target cuts could be overdue.
On the charts, Walt Disney stock is now trading at its lowest level since mid March, and just moved back below its 50-day moving average. Year-to-date, DIS sports a 7% lead.
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By: Schaeffer's Investment Research | May 11, 2023
• Disney reported fiscal second-quarter earnings and revenue last night
• The company reported a decline in streaming subscribers
Put traders are targeting Walt Disney Co (NYSE:DIS) stock after earnings, with 129,000 bearish bets traded already today, which amounts to 10 times the intraday average amount. The most popular contract is the weekly 5/12 93-strike put, followed by the 92-strike put in the same series, with new positions opening at both.
Walt Disney stepped into the earnings confessional after last night's close, reporting fiscal second-quarter earnings that matched Wall Street's estimates. The entertainment giant's revenue, meanwhile, came in slightly higher than forecasts. The company's streaming subscribers declined, and though business improved the shares were last seen 8.2% lower at $92.83.
Amid an ongoing legal battle with Florida Governor Ron DeSantis, no less than three analysts slashed their price targets on DIS. Specifically, Guggenheim, J.P. Morgan Securities, and Rosenblatt lowered their respective price objectives to $125, $125, and $117. The 12-month consensus target price of $123.93 is a 33.2% premium to current levels, which implies more price-target cuts could be overdue.
On the charts, Walt Disney stock is now trading at its lowest level since mid March, and just moved back below its 50-day moving average. Year-to-date, DIS sports a 7% lead.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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