Wells Fargo Tunes Out Walt Disney

em>Joel Elconin is the co-host of

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Walt Disney Co.

shares are trading lower by $1.81 at $107.24 in Tuesday's session. The issue, which has been under constant selling pressure since it sub-par Q2 earnings report, was downgraded today by Wells Fargo from Outperform to Market Perform. Since its swoon from its all time high ($122.08) and all time high close ($121.69) on August 4, the day prior to the report, the issue has been struggling to reclaim the $110. Two days following the $10 route it closed at $111, but has zig-zagging lower ever since. If Disney closes below $106.99, it will mark it lowest close ($106.99) since the Street abandoned the issue August 5. If the low ($104.24) of the recent slide is breached, there may not be any major support in this until the series of lows at the $101.50 ares from early February. .