By Dade Hayes, Jill Goldsmith Disney’s stock dipped more than 3% in early trading Monday after two analysts issued downgrades on its shares.
The latest setback followed reports of the company’s expanded cutbacks due to COVID-19. The Financial Times reported over the weekend that 100,000 employees, mostly in theme parks, would be furloughed, a move that is expected to save the company $500 million a month.
The company is recommending the workers seek state benefits during the furlough period, the paper said. The cutbacks affect nearly half of the company’s total workforce.
Shares fell below $103 in the early going. Barely two months ago, they were above $140. Disney and unions reached an agreement several weeks ago to furlough 43,000
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