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Disney's day of earnings reckoning leaves Wall Street anxious

Mickey Mouse rides in a parade at Disney World's Magic Kingdom in Orlando, Florida. Photo: Joe Raedle/Getty Images

Wall Street is anxiously awaiting Disney earnings at market close today, after several analysts have already begun to downgrade the stock due to its unique exposure to the coronavirus epidemic.

Why it matters: Roughly half of Disney's revenue is directly tied to industries that have been shut down, like parks and resorts, advertising and film.

Expand chart
Data: Yahoo Finance; Chart: Axios Visuals

Disney's damage control so far:

  • Furloughed 100,000 employees
  • Freed up roughly $13 billion in credit
  • Pushed blockbuster movies like Mulan off the release schedule while theaters are mostly closed and delayed production

Yes, but: The one bright spot for Disney throughout the pandemic has been Disney+, which Disney says has surpassed 50 million subscribers.

What to expect: Moody's SVP Neil Begley says that he expects Disney to take a hit in Q1, but that "the dramatic impact that's coming is really in Q2."

  • "We're anticipating that this will be a rough couple of quarters for the company."

Go deeper: Disney parks might not reopen until next year

Go deeper

Sara Fischer, author of Media Trends
Jul 30, 2020 - Economy & Business

Axios Harris Poll 100: Corporate trust soars during the pandemic

Data: Harris Poll COVID19 Tracker Wave 20; Chart: Axios Visuals

The public's view of almost every industry has improved since the beginning of the coronavirus pandemic, according to a new Axios/Harris poll. Industries with a prominent role in life under quarantine have seen especially big jumps.

Why it matters: Businesses in America were already undergoing a transformation from being solely focused on profits to being focused on values as well. The coronavirus pandemic has expedited that shift, and consumers are responding favorably to it.

Go deeper (1 min. read)Arrow
Stef W. Kight
7 hours ago - Politics & Policy

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.

Go deeper (1 min. read)Arrow
Jacob Knutson
9 hours ago - World

U.S. strikes Iran-backed militia facilities in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Go deeper (1 min. read)Arrow