Diamonds and Dogs
The streaming winner. Disney (DIS) is up 5% after hours following strong earnings. Disney easily beat estimates by 25 cents as sales rose 44% year over year to $17.02 billion. Total streaming subscriptions hit 174 million, above estimates and up over 100% in the last year. Media and entertainment revenue climbed 18% to $12.7 billion, including a 57% jump in direct-to-consumer revenue. Theme parks and products revenue roared back nearly quadrupled to $4.3 billion as resorts opened reopened.
A downgrade hits the chip and chip equipment space. Micron (MU) stock tumbled 6% as Morgan Stanley downgraded to equal weight, cutting the price target to 75 from 105. The investment bank forecasts a cyclical downturn ahead for memory chips.
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