Courtesy of Benzinga.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Walt Disney Co (NYSE: DIS) shares were trading higher $0.76 at $111.76 in Tuesday’s session. The catalyst for the rally to new all-time highs is a big Q2 beat for EPS ($1.23 vs. $1.11 estimates) and revenue ($12.46 billion vs. $12.25 billion estimates). This marks the 12th time the company has beat for EPS going back to December 2012. Over that course of time, it has rallied from $37.50 to its current price.
In Tuesday’s session, investors got a little bit goofy, taking the issue to $114.77 in pre-market trading off the earnings announcement. After reaching that elevated level, profit takers began to come in.
See Also: Fun & Fancy Free: Disney Q2 Conference Call Live Blog
During the regular session, the issue opened at $113.27 and rallied just $0.03 before reversing course. It declined to $110.62 before rebounding to nearly $112.
In order to post a new all-time closing high, it would need to close above $111.03.
Shares are up more than 18 percent year-to-date.
Posted-In: Pre-market outlookTechnicals Intraday Update Movers Trading Ideas
