|Bid||146.84 x 1100|
|Ask||147.18 x 900|
|Day's Range||146.53 - 150.35|
|52 Week Range||79.07 - 152.97|
|Beta (5Y Monthly)||1.08|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Dec 13, 2019|
|1y Target Est||N/A|
Wall Street stocks advanced, with the Nasdaq closing at a record high, on Friday in a holiday-shortened week as retailers kicked off the year-end shopping season amid record COVID-19 hospitalizations. The Nasdaq outperformed as investors favored tech-related, market-leading stocks that have fared well during the pandemic, while economically sensitive cyclical stocks weighed. All three indexes rose for the week, in which the S&P 500 reached a new closing high and the blue-chip Dow ended above 30,000 for the first time ever.
Wall Street stocks advanced and the Nasdaq closed at a record high on Friday in a holiday-shortened week, as retailers kicked off the year-end shopping season amid record COVID-19 hospitalizations. The Nasdaq outperformed as investors favored tech-related, market-leading stocks that have fared well during the pandemic, while economically sensitive cyclical stocks weighed. "It's an abbreviated session and volume is light, so the only conclusion is that the rally is not faltering for now," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Media and entertainment giant Walt Disney Co (NYSE: DIS) confirmed in a regulatory filing update that approximately 32,000 employees will lose their jobs in the first half of 2021.What Happened: Disney's job cuts will mostly impact employees in its Parks, Experiences and Products business units, the company said. The COVID-19 pandemic has disrupted a business unit that relies on tens of thousands of customers visiting its theme parks on a daily basis.Disney's theme park in California, Disneyland, is not expected to reopen until at least 2021.Related Link: 2 Catalysts That Could Boost Disney+ SubscribersA "changing environment" resulted in management generating efficiencies in staffing, including limiting hiring to critical business roles, furloughs and reductions-in-force, according to the Mouse. As of Oct. 3, approximately 37,000 employees who were not scheduled for employment termination were on furlough due to the negative effects of the pandemic, the company said.Why It's Important: Disney's actions prompted it to suspend its semi-annual dividend in January, as management is using the funds to support its streaming video department instead.Disney also cautioned investors that it may not declare future dividends moving forward.What's Next: Disney said it will take additional "mitigation actions in the future," including raising additional financing, suspending capital spending, reducing film and TV content investments, enacting additional furloughs or further job cuts."Some of these measures may have an adverse impact on our businesses," the company said.DIS Price Action: Disney shares were down 0.94% at $147.69 at last check Friday. Photo courtesy of Disney. See more from Benzinga * Click here for options trades from Benzinga * Disney CEO Bob Chapek On Reorganization Shift: 'Catalyze Growth Even Further'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.