What’s going on:
When the bell rang and the market closed on Dec. 9, Disney stock was valued at $154.40 per share. According to Deadline, that’s the highest closing price in the company’s history. In the past month alone, investors have driven up Disney stock more than 25%.
This recent boom follows two straight quarters of losses for the media giant, marking Disney’s first fiscal year of red ink in over four decades.
Why is stock up now?
- Deadline reports that recent vaccine approvals and hopes for a return to normalcy in 2021 have boosted investor confidence. The sudden burst of optimism also comes in large part due to the company’s upcoming annual investor presentation, which takes place Dec. 10 at 2:30 p.m. MT.
- During the four-hour event, which is being livestreamed, Disney executives will showcase a range of upcoming business lines and discuss the future of the company’s streaming services.
- Disney stock saw a 10% increase after last year’s investor day presentation, when Bob Iger announced Disney Plus’ $7 price point, Deadline reports. It wouldn’t be too surprising if the company’s stocks react similarly in 2020.
- Disney fans should also expect to hear announcements regarding new film and series projects from Marvel, Lucasfilm and Pixar. According to the company’s site, presenters will likely discuss plans surrounding film release windows, premium streaming tiers, subscriber projections, international programming and sports.