DISNEY Q1 PROFIT TOPS EXPECTATIONS, STOCK BELOW MA5
Walt Disney is currently trading at 111.75-lower by 0.78% as compared to the previous closing price.
The company reported fiscal first-quarter earnings per share and revenue that topped market expectations on Tuesday, supported by sales increases in its media networks and theme parks businesses. CEO Iger said in a post-earnings call that ESPN+ had doubled its subscribers in the past five months. The company launched the sports streaming service ESPN+ last year.
The entertainment giant generated EPS of $1.84 for the first quarter. The EPS was above the consensus estimates of $1.55. Walt Disney brought in 15.30 billion in revenue for the quarter, above the market expectation of $15.14 billion.
The company, however, said in a filing in January that its stake in Hulu and its ownership of BAMtech, the streaming technology that powers ESPN+, led to a loss of more than $1 billion in the 2018 fiscal year.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 53.07% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 111.90 TAKE PROFIT AT 111.25 STOP LOSS AT 112.20