Entertainment

Disney Shares Top $200, ViacomCBS Soars Nearly 13% in Volatile Trading Session

Disney and ViacomCBS shares were buoyant in trading Monday thanks to good news that allowed ViacomCBS to buck the general downtrend for the Nasdaq index.

Disney shares climbed 6.2%, topping the $200 threshold to close at $201.91. Disney rallied on the news from California state officials that the Disneyland theme park in Anaheim will likely be able to reopen at limited capacity as of April 1.

ViacomCBS shared spiked 12.7% to close at $83.66. The stock rode the royal coattails of Oprah Winfrey’s highly-rated interview with Prince Harry and Meghan Markle, which aired Sunday night on CBS. The two-hour telecast brought in 17.2 million viewers and a bonanza of attention for the network and its power to draw a mass audience.

ViacomCBS’ gain was all the more impressive as it is listed on the Nasdaq, which dropped 310 points, or a 2.4% hit. A steady stream of declines in recent days has Wall Street watchers talking about a correction coming to some highly valued tech shares. Netflix on Monday fell 4.5% to $493.33. Amazon, however, was well above the fray, losing just 1.6% to close at $2951.95.

News of more progress in Congress on the passage of a $1.9 trillion stimulus bill is also helping to boost the fortunes of corporate giants such as Disney who are well-positioned to benefit if consumers suddenly have more cash and more flexibility for spending it as businesses slowly reopen from the pandemic lockdown.

More to come

(Pictured: Meghan Markle speaks to Oprah Winfrey for CBS’ “Oprah With Meghan and Harry” interview special)




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