Courtesy of Benzinga.
Walt Disney Co (NYSE: DIS) shares are trading sharply lower by $3 at $89.32 in Wednesday's session. Despite a Q4 beat for EPS of $0.18 with $500 million more in revenues, the Street is concerned with weakness in its ESPN division.
See Also: Why ESPN Fears Are Hurting Disney
After a lower open, it continued in that direction and did not find support until $86.25. That takes the issue back to levels it was trading at in October 2014. The ensuing rebound took the issue briefly into the $90, as it peaked at $90.03.
The issue has been in a free-fall since November 27, when it peaked at $120.65 about a month ahead of the release of the "Star Wars: The Force Awakens."
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