Walt Disney Co DIS shares are trading higher Wednesday in sympathy with Netflix Inc NFLX, which announced better-than-expected earnings results and subscriber numbers.
Netflix previously guided for a loss of 2 million subscribers in the second quarter, but the company reported a loss of just under 1 million. Global streaming paid memberships totaled 220.67 million in the quarter, representing an increase of 5.5% year-over-year.
Netflix said it expects paid net adds to jump about 1 million in the third quarter.
Related Link: Netflix Q2 Earnings Highlights: Stock Climbs On Subscriber Beat, Guidance, Ad-Supported Update
Keybanc analyst Brandon Nispel maintained Disney with an Overweight rating and lowered the price target from $151 to $131 following Netflix's results.
Disney makes live-action and animated films under studios such as Pixar, Marvel and Lucasfilm and also operates media networks including ESPN and several TV production studios. The company's streaming platform, Disney+, was launched at the end of 2019.
DIS Price Action: Disney has a 52-week high of $187.57 and a 52-week low of $90.23.
The stock was up 1.68% at $101.28 at time of publication, according to data from Benzinga Pro.
Photo: StockSnap from Pixabay.
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