Walt Disney Company (DIS) shares rose by 1.64% to close at $114.26 on November 20, 2024, following a day of positive momentum driven by several key developments. The stock opened at $112.26 and reached a high of $114.37, with trading volume nearing its average at 9,293,664 shares. The upward movement was largely fueled by Disney's announcement to double its cruise ship fleet by 2031, a strategic expansion of its profitable cruise line business. This move is part of Disney's experiences division, which reported record revenue and profit for fiscal 2024, with expectations of continued growth in fiscal 2025. Additionally, the company's strong earnings report and a positive outlook for fiscal 2025, particularly in its streaming business, have bolstered investor confidence.
The market also reacted to the news of Trian Fund Management nominating two candidates for Disney's board, signaling potential governance changes that could address long-standing performance issues. This development, coupled with the company's strategic initiatives, has contributed to a favorable sentiment among investors.