A ray of sunshine about Disney’s theme park business and optimistic expectations ahead of the company’s quarterly earnings report on Thursday helped boost the company’s shares 5% to record territory. The stock closed Monday at $190, up 5%, after reports that the company planned to re-hire up to 1,000 workers to help it host a food and drink festival at California Adventure in March. Outdoor dining was permitted to resume by the state last week. Few specifics were revealed about the festival, which was reported by media outlets including Good Morning America and the Los Angeles Times but not formally announced by parks officials. Theme parks, historically a revenue-producing juggernaut for the company, have been on their knees, with 28,000 workers let go during Covid-19. Related Story Disneyland Announces Expansion Of Outdoor Ticketed Dining, Other Entertainment At California Adventure In March Disney’s gains helped power the Dow Jones Industrial Average to a new record close at 31,385.76, its sixth straight session of positive movement. The Nasdaq, S&P 500 and Russell 2000 also all closed at record-high levels. AMC was a notable exception to the upswing, with shares in the top movie theater circuit dropping almost 10% to $6.18 on average… Read full this story
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