Entertainment Stocks Follow Market Higher: Disney Shrugs Off Analyst Report Anticipating U.S. Parks Closure

Media shares and markets opened higher Tuesday after a sickening plunge the day before saw the DJIA’s worst point loss ever and a rare circuit breaker temporarily halt trading. Walt Disney joined the rally, up more than 3% in mid-morning, shrugging off a report that the conglom’s domestic parks will likely need to shutter on coronavirus fears. “In the COVID-19 era, the most common and difficult question for media investors has been: at what price do DIS shares become interesting? Our answer is “we’re getting pretty close,” but believe there is still more bad news to get out of the way. We expect the domestic parks to shut down. Perhaps that will be the day to start buying DIS shares,” wrote Bernstein analyst Todd Juenger in a morning note.