As Spider-Man Succeeds, How Fare Disney Stocks?
ZFX – Over $235 million collected in US and Canadian ticket sales over the weekend premier of the new Spider-Man movie, “Spider-Man: No Way Home”. This set a record for pandemic-time releases and the new movie ranks as Hollywood’s third-largest domestic debut, amidst emergence of the new COVID-19 variant.
Worldwide, “No Way Home” earned an additional $334.2 million, bringing the total for the weekend to $587.2 million, according to estimates from distributor Sony Corp. Fans around the world flock to theaters to enjoy “No Way Home,” a big-budget superhero show co-produced by Sony (NYSE:SONY) and Walt Disney (NYSE:DIS) Co.
The film stars Tom Holland as Spider-Man and Zendaya, as Spider-Man’s girlfriend, MJ. The fact that the film concludes a popular trilogy adds to its appeal, said Jeff Bock, senior media analyst at Exhibitor Relations Co..
US and Canadian ticket sales topped the most optimistic projections from last week, when analysts considered $200 million a cap. “No Way Home” scored just behind “Avengers: Endgame” and “Avengers: Infinity War” but still ahead of the Star Wars film “The Force Awakens.”
Cinemark said ticket sales for “No Way Home” were strong in the United States and Latin America.
Despite the success of the Spider-Man films, Disney stocks are still struggling to rise. Now, the stock with the DIS code is still in a strong downtrend, marked by daily movements below the 50, 100, and 200 MA lines with the distance between the lines widening, signaling a long journey for Disney stock decline. In addition, Disney shares which have crossed the 166 area added to the confirmation of the decline in Disney shares.
However, with the gradual recovery of the post-Covid-19 world and the effective control of omicron, fundamentally, it can be expected that Disney shares will gradually recover thanks to Disneyland and cinemas opening normally again.
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