Despite all of the hope that is coming from the return of Bob Iger to the role of CEO, the Walt Disney Company stock price continues to fall, hitting its lowest point in eight years this week.
According to MarketWatch, Disney’s stock closed on Wednesday, December 28, at $84.16, dropping just under 3% on the day. Not only does this further fuel the prediction that the Mouse House will have its worst year since 1974, but it also puts the stock at the lowest point it has been in eight years, completely eliminating all pandemic gains.
The last time Disney stock closed lower was on Oct. 14, 2014, as “Guardians of the Galaxy” was wrapping up a surprising run at the box office and Disney was preparing to launch “Big Hero 6” into theaters. It would be more than a year before Disney released “Star Wars: The Force Awakens,” the first “Star Wars” movie produced and released by Disney.
But it was a different Disney back then. The acquisition of Marvel Studios and Lucasfilm was finally wrapping up, and the Disney-era of Star Wars and the Marvel Cinematic Universe was about to get started. While the stock took a dive at the start of the Pandemic, the investments in Disney+ and its high-quality Star Wars and Marvel series would help skyrocket the stock to an all-time high above $200/share.
And the stock has continued to drop over this last bit of the year despite Disney reporting otherwise fantastic news. Disney Parks generated its best quarter ever. Disney became the first studio to generate $4 billion this year, and Avatar: The Way of Water reached $1 billion globally in just 14 days! But Disney+ and other streaming costs grew so much that they offset Disney Parks gains, and James Cameron’s Avatar sequel has to hit $2 billion just to break even.
Disney Fanatic recently covered that Bob Iger is doing his best to exude confidence to fans and investors, saying that “there has never been a better time to be a Disney fan” as the company’s 100-year celebration is set to begin. But at this point, only time will tell if Disney can be restored to its former glory.
We at Disney Fanatic will continue to update our readers on Disney news and stories as more developments come to light.