NEW YORK: Shares of Walt Disney fell 3.9% on Thursday (Aug 24), closing at their lowest level in nearly nine years, with some investors betting that a...
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange. – ReuterspicShares of Walt Disney fell 3.9% on Thursday , closing at their lowest level in nearly nine years, with some investors betting that a further price drop is on the cards in the next few months.
On Thursday, Disney options were busier than usual with some 321,000 contracts traded, or 1.4 times the average daily volume, according to data from options analytics firm Trade Alert. Trading sentiment leaned toward bearish bets with put options that would guard against the stock slipping below 80 by mid-September and mid-October, and were among the most actively traded contracts.
Put options convey the right to sell shares at a fixed price in the future. Disney's stock was also dragged by weakness in the broader market as investors turned cautious ahead of U.S. Federal Reserve chair Jerome Powell's speech later this week. In Disney’s earnings report on Aug 9, Iger acknowledged the entertainment company faces a “challenging environment” in the near-term and the company’s shares have dropped over 5% since the time. – Reuters
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