One year ago Disney’s stock price was tumbling on an hourly basis as the entirety of the US stock market crashed as Covid-19 fears swept the world. Disney rebounded quickly and have hit all-time record high stock prices a half of a dozen times in the last six months. While the company did not hit a record high today, it sure saw a nice jump midday.
This morning the Walt Disney Company stock (DIS) opened around $193.50 a share, which is around what it has been for the past few weeks. At 11:29AM, the stock price hovered at $192.26, less than five minutes later the stock jumped to $195.85. A quick jump in a very short time frame.
So what sparked this spike? This was when Disney CEO Bob Chapek announced the reopening of Disneyland on April 30th. The fight for reopening in California has been long, contentious, and public, causing a lot of uncertainty for investors and a lot of pain for the bottom line. Disney Parks are a huge revenue generator for the company, so the announcement of their second most popular park beginning to reopen is one to that makes investors very happy.
Disneyland is Disney’s second most popular theme park both domestically and worldwide, behind Walt Disney World’s Magic Kingdom.
Disney’s stock closed the day at $195.24 up $1.00 (+.51%).