Walt Disney Co DIS shares are trading lower $2.80 at $112.74 in Wednesday's session. The issue's monster rally (closed higher in 13 of the last 15 trading sessions) ahead of Thursday's earnings release has been interrupted. This is perhaps in response to sharply lower guidance coming from Time Warner Inc TWX on its conference call earlier today.
The issue shrugged off the news off the open and rallied beyond Wednesday's high ($116.40), reaching $116.83 before reversing course. The ensuing decline has found intra-day support just below its October 23 low ($111.85), reaching $111.41. Since making the low, it is attempting to reclaim the $113 handle.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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