Disney Stock Volatile As 'Star Wars' Heads For $50 Million-Plus Thursday Night Opening
Walt Disney Co (NYSE: DIS) shares had a volatile trading day Thursday, as J.J. Abrams' "Star Wars: The Force Awakens" headed toward a $50 million-$55 million Thursday-night opening, a record number which could reach up to $60 million according to The Hollywood Reporter.
The company's share price wavered throughout the day, hitting an intra-day low of $111.98 and an intra-day high of $114.48. Shares closed down 1.56 percent at $112.01 with 9,307,241 shares getting traded.
Shares were volatile in Friday's pre-market session, and recently traded down 2 percent at $109.52 early in the regular session. Separately, BTIG downgraded Disney on Friday morning to Sell.
The previous record-holder for a Thursday night preview was the "Deathly Hallows' Part 2", which earned $43.5 million in 2011. "The Dark Knight Rises" raked in $30.6 million in 2012, and "Twilight: Breaking Dawn Part 2" took in $30.4 million, also in 2012.
The entertainment conglomerate has a market cap of $185 billion. The number of Disney's outstanding shares is nearly 1,653,177,900 shares.
"Star Wars: The Force Awakens" is forecasted to bring in $2 billion in sales global. Disney acquired Lucasfilm, the maker of Star Wars, for $4 billion in 2012.
Disney shares have been up 19 percent since the beginning of this year, as Star Wars fever reached worldwide. Merchandise from the film alone is expected to reach $5 billion in revenue. The stock's 52-week high is $122.08 and the 52-week low is $90.
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