Disney stock tops $90 a share, a new high
Walt Disney Co. stock is trading at all-time highs.
Shares of the Burbank entertainment giant closed Tuesday up 12 cents to $90.09 a share. It was the first time in more than 15 years that the stock ended a trading day above $90 a share.
Back in the 1980s and ‘90s, Disney shares traded above $100 -- but that was before a series of stock splits established new adjusted levels.
On Monday, Disney shares reached $90.37 during intra-day trading. That set a 52-week high for the company.
The stock has increased 18% since January.
Investors approve of Chief Executive Bob Iger’s stewardship of the company.
Disney shares also got a boost earlier this month when the company reported strong quarterly earnings. Disney’s film studio helped fuel the company’s 22% increase in net income for its fiscal third quarter, although its cash cow ESPN sports empire suffered from rising sports rights fees, which weighed down results of the company’s television division.
Disney posted net income of $2.25 billion for the quarter that ended June 28, up from $1.85 billion a year earlier. Revenue increased 8% to $12.47 billion.
The company’s earnings were released the same day that Rupert Murdoch’s 21st Century Fox abandoned its bid for rival media company Time Warner.
Fox’s short-lived run for Time Warner, and subsequent withdrawal of its offer, caused media stocks to fluctuate.
Fox’s shares have recaptured ground they lost during the company’s run for Time Warner. Fox Class A shares closed Tuesday at $35.89.
Time Warner shares are up nearly 8% from their pre-Fox-bid levels. Time Warner shares closed Tuesday at $76.99. (Shortly after Fox’s bid was disclosed in mid-July, Time Warner reached $87 a share)
Disney’s 52-week low of $60.41 came last year.
Disney’s current market capitalization is nearly $155 billion.
The second-largest media company, Comcast Corp., which owns NBCUniversal, has a market cap of $141 billion.
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