Did I Buy Theme Park Stocks Too Soon?
A lot of stocks have taken a beating, and with most of the publicly traded amusement park operators shedding more than half of their peak values, I figured it was time to go shopping.
I bought into shares of SeaWorld Entertainment (NYSE: SEAS), Six Flags (NYSE: SIX), and Cedar Fair (NYSE: FUN) on Wednesday. I can't sugarcoat my entry points, as the three stocks that I figured I was buying into at rock-bottom prices continued to plummet. Even after Friday's bounce following Thursday's plunge, I am down 26%, 14%, and 13% on SeaWorld, Six Flags, and Cedar Fair, respectively.
I didn't buy the theme park giants. I already own a good chunk of Disney (NYSE: DIS), and Universal Studios parent Comcast (NASDAQ: CMCSA) is a great theme park operator, but I'm not keen on many of its larger businesses. My timing was lousy. Most of the operators would go on to announce park closings or delayed seasonal openings in an effort to contain the coronavirus outbreak. I still like the industry's chances to bounce back.
Source Fool.com
