Disney closes at lowest in nearly nine years as investors turn bearish By Reuters

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<span>© Reuters. Traders work at the post where Walt Disney Co. stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/file photo</span><br />
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<p>(Reuters) -Shares of Walt <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Disney </span></span> (NYSE:) fell 3.9% on Thursday, closing at their lowest level in nearly nine years, with some investors betting that a further price drop is on the cards in the next few months.</p>
<p>Disney stockholders are scrutinizing the company&#8217;s turnaround plan after chief Bob Iger earlier this month promised a mix of price hikes across its streaming properties, more ads and cost cuts to lift the business.</p>
<p>On Thursday, Disney options were busier than usual with some 321,000 contracts traded, or 1.4 times the average daily volume, according to data from options analytics firm Trade Alert.</p>
<p>Trading sentiment leaned toward bearish bets with put options that would guard against the stock slipping below 80 by mid-September and mid-October, and were among the most actively traded contracts.</p>
<p>Put options convey the right to sell shares at a fixed price in the future. Disney&#8217;s stock was also dragged by weakness in the broader market as investors turned cautious ahead of U.S. Federal Reserve Chair Jerome Powell&#8217;s speech later this week.</p>
<p>In Disney&#8217;s earnings report on Aug. 9, Iger acknowledged the entertainment company faces a &#8220;challenging environment&#8221; in the near-term and the company&#8217;s shares have dropped over 5% since the time.</p>
<p>Disney&#8217;s stock closed at $82.47, its lowest since October 16, 2014.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/disney-drops-to-lowest-in-over-three-years-as-investors-turn-bearish-3160956">Source link </a></p><p>The post <a href="https://forextraderhub.com/disney-closes-at-lowest-in-nearly-nine-years-as-investors-turn-bearish-by-reuters.html">Disney closes at lowest in nearly nine years as investors turn bearish By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>