Market Overview

Disney Sprints To New All-Time High Amid Dividend Increase

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Walt Disney Co (NYSE: DIS) shares were trading higher by $1.10 at $114.87 in Thursday's session. The catalyst for the rally is the announcement made by the company that it will be increasing its quarterly divided from $0.27 to $0.33 and that will now be paid on semi-annual basis.

Off the open, it sprinted to a new all-time high at $115.21, surpassing its former high of $114.56 that was made in Wednesday's session.

After making the high, it retreated and found support just above its former all-time high, reaching $114.50 before rebounding back to the $115 level.

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