Disney Rises After 3Q Results
Ming Lam August 5, 2020 5:38 AM
On a Daily Chart, the Stock remains supported by a Bullish Trend Line drawn from April...
Walt Disney (DIS), a U.S. major entertainment and media firm, reported that it swung to a 3Q net loss of 4.72 billion dollars from a net profit of 1.43 billion dollars in the prior-year period. Revenue plunged 42% on year to 11.80 billion dollars.
Disney pointed out that, impacted by social-distancing measures amid the coronavirus pandemic, its theme-parks business resulted in a loss of 1.96 billion dollars, compared with a profit of 1.72 billion dollars a year earlier.
However, excluding one-time items such as restructuring costs and impairment charges, 3Q Adjusted earnings per share (Adjusted EPS) amounted to 8 cents, much better than analysts' expectations of an Adjusted loss per share (Adjusted LPS) of 64 cents.
Disney's share price jumped in after-market hours.
On a Daily Chart, the Stock remains supported by a Bullish Trend Line drawn from April.
Source: GAIN Capital, TradingView
The Stock is trying to emerge from a short term consolidation.
Unless the Key Support at $108.00 (around the low in June) is not breached, the short-term bias remains bullish.
And the Stock is expected to encounter resistance at $127.50 (around the high seen in early June) and $134.00.
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