Disney's stock surges toward best post-earnings gain in nearly 5 years
Shares of Walt Disney Co. DIS, +3.12% surged 3.8% in morning trading Friday, to pace the Dow Jones Industrial Average's DJIA, -0.16% gainers, after the media and entertainment giant reported upbeat third-quarter results after the previous session's close. The stock's price gain of $5.06 was adding about 34 points to the Dow's price, which was down 47 points. The stock was headed for the best one-day post-earnings performance since it rose 7.6% after fourth-quarter 2014 results were revealed on Feb. 14, 2015. Since then, spanning 18 quarters (not including Friday), the stock rose the day after earnings just 5 times, with an average gain of 2.0%. The average decline was 3.0%. Disney's latest results come less than a week before the much-anticipated launch of the new streaming service Disney+ on Nov. 12. The stock has edged up 0.1% over the past three months, while the Dow has gained 4.7%.