DIS - 3 Reasons Why Disney Is the Hottest Dow Stock in 2024
2024-05-07 11:50:00 ET
"Who's the leader of the club that's made for you and me," is the opening line of Walt Disney 's (NYSE: DIS) Mickey Mouse March that used to open the iconic The Mickey Mouse Club show. In a surprising twist, when it comes to the 30 components of the Dow Jones Industrial Average the leader this year happens to be Disney itself.
Disney's 29% gain through the May 6 close makes it the top gainer of the Dow 30. Shares of the media giant may be volatile after it posted mixed financial results on Tuesday morning, but let's go over a few reasons why Disney is leading the way after being a laggard in the Dow in each of the three previous years.
Disney reported a small loss in the fiscal second quarter covering the three months ending in March. The quarter's bottom line was held back by a goodwill impairment charge topping $2 billion, covering primarily restructuring charges related to the shift of its Star India business into a new joint venture. Back out the sizable one-time charge, and Disney's adjusted earnings soared 30% to $1.21 per share.
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3 Reasons Why Disney Is the Hottest Dow Stock in 2024