As of noon ET, Disney shares are down 3.20 points, just over 3% amid a larger market sell off that sees the DJIA down around 2.5% at 16,991.91. The selloff on the first trading day of the year was brought by renewed concerns of the global economic slowdown and increased tensions in the Middle East. An overnight drop in Chinese stocks that caused the market to halt trading also pressured the market.
Of particular concern to Disney shareholders is the Chinese economy with Disney in the midst of a multi-billion dollar investment in Shanghai Disneyland which is set to open this spring.
While Disney shareholders may be concerned about today’s trading activity, they could take some solace in the continued strength of Star Wars: The Force Awakens which is set to overtake Avatar as the domestic box office champ. The film is set to open in China on Saturday.