S&P 500 falls for third day in a row | Congress tries to buy more time for stimulus talks | Disney surges
EDITOR'S NOTE
Disney's bullish projections for its streaming service sent the stock flying on Friday.
Shares of the media giant surged more than 13%, their biggest one-day gain since March 24, after the company said late Thursday it expects Disney+ to have between 230 million and 260 million subscribers by 2024. Disney also said the service currently has more than 80 million subscribers, which is more than what the company revealed in its most-recent quarterly report.
"In many ways [Thursday's] event felt like the true launch of Disney+ and made it clear that the streaming pivot is still in early innings," wrote Vijay Jayant, an analyst at Evercore ISI. The analyst also hiked his 12-month price target on the stock to $185 per share from $150.
Disney was by far the best-performing component in the Dow Jones Industrial Average on Friday. The broader market did not fare nearly as well, however, as lawmakers were once again unable to reach a compromise on new coronavirus fiscal aid. The S&P 500 and Nasdaq Composite posted slight losses, while the Dow closed around the flatline.
"Optimism surrounding a near-term fiscal stimulus deal are fading despite reports of a bipartisan deal, as the sides can agree on the size of a deal, but not the details," wrote Mark Hackett, chief of investment research at Nationwide.
Meanwhile, the number of Covid-19 cases continues to increase, leading New York Gov. Andrew Cuomo to halt indoor dining in New York City starting Monday.
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