Stocks, Dow component Walt Disney Co. reported earnings and revenue that missed Wall Street estimates amid slowing subscriber growth for its Disney+ streaming platform. The company’s parks business, which includes theme parks, hotels, and merchandise, saw sales surge 26% versus last year. Weakness in Disney shares erased more than 80 points from the Dow.
Elon Musk the CEO of Tesla sold $5 billion of his company’s stock in line with fans votes on Twitter last week, according to financial filings released Wednesday. This action has the potential of mitigating the impact of the Biden tax bill on corporates and rich individuals.
Commodities, West Texas Intermediate crude oil edged up 25 cents to $81.59 a barrel and gold jumped $15.60 to $1,863.20 an ounce.
European bourses posted modest gains with France’s CAC 40 and Germany’s DAX 30 ticking up 0.1% and 0.2%, respectively, while Britain’s FTSE 100 advanced 0.6%.
Asia Indexes, Japan’s Nikkei 225 rose 0.59%, Hong Kong’s Hang Seng index added 1.01% and China’s Shanghai Composite index surged 1.15%.