Wall Street hasn’t been kind to Hollywood entertainment giants this year — but that may be about to change.
Disney, once thought of as a stock-market pace car setting the tempo for the rest of the industry, has been one of the Dow Jones industrial average’s biggest dogs in 2022, with share prices dropping 28% since the start of the year. (The stock closed at $112.32 on Thursday.)
The overall market has taken a beating this year: The S&P 500 has slumped 20%, the tech-laden Nasdaq is down 27%, and the Dow has tanked 14%. But Hollywood conglomerates have fared even worse: Paramount Global shares have dropped 29%, Lionsgate fell 45%, while Warner Bros.