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Non-Tech : Kirk's Market Thoughts

COHR 164.80

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Dec 2 3:59 PM EST

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To: berniel who wrote (9683)	5/5/2020 6:31:10 PM
From: Kirk ©	of 26669

Will DIS (no position) test $79? Disney To Skip Dividend Payment After Earnings Miss Badly; Stock Falls investors.com Walt Disney (DIS) took a drastic step to save cash as coronavirus lockdowns drained its businesses of earnings, which fell far short of forecasts late Tuesday. Disney stock reversed lower late. Disney Earnings Call CFO Christine McCarthy said Disney will forego a July dividend payment to preserve $1.6 billion of cash. The company pays a semi-annual dividend of 88 cents. New CEO Bob Chapek, who previously was in charge of the parks segment, said Shanghai Disneyland, closed since January, will reopen May 11. But it's "too early to predict when we will begin to resume all of our operations," he added. In Shanghai, masks for guests and employees, temperature checks, contract tracing and other detection methods will be used. Social distancing measures include limits on attendance and spacing on rides. Chapek added that he's "pleased with growth in the four weeks since" announcing 50 million Disney+ subscribers in early April. It now has 54.5 million subscribers as of May 4.

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