Earlier today, The Walt Disney Company’s stock mustered an all-time high on the New York Stock Exchange.
UPDATE (1:00 p.m. PT): Despite hitting a new high during trading hours, Disney stock actually closed down slightly on the day, coming in at $153.24.
Previously:
- During the trading day, Disney stock ($DIS) briefly reached an all-time high.
- At a point, $DIS was trading as high as $154.44 per share.
- However, as of this writing, the stock has fallen some, currently trading for just north of $153 (and slightly below its previous close).
- This marks a tremendous turn around from earlier this year when the stock hit a 52-week low of $79.07.
Why it Matters:
- This new high comes exactly one week before Disney’s planned Investor Day, where it is expected that they’ll trot out their last direct-to-consumer offerings and show off the benefits of their recent (and on-going) reorganization.
- Of course, the news also arrives as The Walt Disney Company is in the midst of massive layoffs.
- Disney originally announced that it would be letting go of around 28,000 employees in its Theme Parks, Experiences, and Consumer Products division and reports now indicate a total of around 32,000 layoffs will affect the company overall.
- Meanwhile, Disney has also decided not to issue stockholders a dividend in January, but has reportedly returned executive salaries to their normal levels after temporarily reducing them earlier this year.
- Also notable is that, while Walt Disney World, Shanghai Disney, and the Tokyo Disney Resort remain open, the Disneyland Resort theme parks have been shuttered since March, with Disneyland Paris and Hong Kong Disneyland recently re-closing.