Shares of Walt Disney Co.
DIS,
tumbled 11.8% in morning trading, putting them on track to suffer their worst day in 2 1/2 years, after the media and entertainment giant’s big fiscal fourth-quarter profit miss and downbeat growth outlook. The stock’s price drop of $11.80 was acting as a 78-point drag on the price of the Dow, which was down 307 points, or 0.9%. The stock was headed for the biggest one-day percentage decline since it fell 13.0% on March 12, 2020, and for the lowest close since March 23, 2020. Disney’s stock has now plunged 43.1% year to date, while the Dow has lost 9.6%.
