Overnight Disney closed down -3.6% after the company said it plans to spend $US60bn to expand its theme parks, cruise liners, etc. over the next ten years. We mentioned successful selling as being equally as important as buying yesterday, and DIS is the most recent stock to have been sold by our International Equities Portfolio, a good move at this stage even though we lost money, with the stock already over -7% lower.
- We see no reason to fight this bearish move until further notice.
MM is neutral toward DIS
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