Disney Stock Sells Off As Wall Street Processes Streaming Cooldown

deadline.com:

On an overall upbeat day on Wall Street, Disney stock dropped 3% in the early going as investors processed the company’s checkered quarterly earnings report.Shares hovered around $172 and over the initial hour of the session they fell as much as 5% on the day, briefly dipping below $169.

Shares have closed north of $176 since February 3 and hit an intraday high of $203.02 on March 8.After the closing bell Thursday, the media giant reported results for its fiscal second quarter, which ended April 3.

While diluted earnings per share of 50 cents nearly doubled from the year-ago quarter thanks mainly to lower production costs, revenue slid 13% and missed Wall Street forecasts.