Why Disney Stock Surged Today
Shares of Walt Disney (NYSE: DIS) soared on Wednesday, following the release of the entertainment conglomerate's third-quarter results. As of noon EDT, Disney's stock was up more than 10%.
Disney suffered heavy losses in its parks and studio segments, as COVID-19 forced the closure of its theme parks and resorts, as well as many movie theaters in the U.S. and international markets. All told, Disney's revenue plunged 42% to $11.8 billion, while its adjusted earnings per share plummeted 94%, to $0.08.
Disney's stock rose sharply on Wednesday. Image source: Getty Images.
Source Fool.com
