Disney sees an extra boost from strong quarterly results
Hollywood studio stocks gained in morning trading Thursday after SAG-AFTRA and the Alliance of Motion Picture and Television Producers agreed on a $1 billion deal to end the three-month long strike.
Shares of Disney added $4.86, or 5.8%, to $89.36. Paramount Global was up 45 cents, or 3.8%, to $12.27.
Warner Bros. Discovery gained 30 cents, or 3.1%, to $9.69. The stock had dropped sharply in afterhours trading Wednesday following a Q3 report that pointed to uncertainty in the advertising market.
The deal gave some juice to nontraditional studios as well. Netflix added 47 cents, less than 1%, to $437.12. Apple edged up 21 cents to $183.10. Amazon gained 10 cents to $142.18.
Sony shares bucked the trend and fell.
The Japanese entertainment and electronics giant posted a 29% profit drop for its fiscal second quarter, missing Wall Street expectations.
