Stories

Disney had a very good day

Data: Investing.com. Chart: Axios Visuals

Disney was the best performing stock in the Dow Jones Industrial Average Wednesday, jumping 7.3% after reporting 10 million subscribers had signed up for its Disney+ streaming platform on opening day.

Why it matters: The stock rose to an all-time high and had its biggest single-session gain since April on a day when the Dow, S&P 500 and Nasdaq were little moved.

The big picture: Since announcing Disney+ on Nov. 8, 2018, the stock has gained 28.2%.

  • That's leagues above the S&P's 10.2% gain and in stark contrast to Netflix's 10.9% decline during the same time period.

Money in the bank: Analysts at Credit Suisse predicted 10 million subscribers would be the magic number for Disney+ in a note back in September, calling the figure "an inflection point" where "70% of investors would start new positions or add to existing ones."

Go deeper: