The Dow Jones Industrial Average was trading in negative territory Thursday afternoon, with shares of Walt Disney Co., and Apple Inc., proving the biggest drags on the benchmark. Shares of Disney were down $4.34, or 4.3%, the worst performer among the Dow’s 30 components and slicing almost 30 points from the price-weighted gauge. A $1 swing in any Dow component equates to a move of 6.89 points. The Dow was off nearly 40 points, or 0.2% at 21,766, while the S&P 500 index was down 0.1% at 2,463, and the Nasdaq Composite Index was up about 0.1% at 6,396. During a Bank of America Merrill Lynch’s Media, Communications & Entertainment Conference, Disney CEO Bob Iger said the entertainment and media giant will report annual earnings “roughly in line” with what the company generated in fiscal year 2016 at about $5.72, disappointing analysts average, annual estimates for full-year earnings a share of $5.89. Other media stocks also fell on the news, including CBS and 21st Century Fox . Meanwhile, Apple Inc.’s shares also pressured the Dow after a report from The Wall Street Journal that said the Cupertino, Calif.-based tech giant has been plagued by production glitches as it looks to roll out its latest update to its smartphone lineup with the the iPhone 8. Apples shares were down 62 cents or 0.4%, in most recent trade.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News