Walt Disney shares close slightly higher on Thursday, company to sell Fox Sports in Brazil to win approval of Fox takeover

According to a statement by Brazils antitrust regulator CADE earlier this week, Walt Disney Company (DIS) has agreed to accept a demand by the regulator that Brazilian transmission rights for the Fox Sports channel are sold so that Disney can win regulatory approval of its takeover of Twenty-First Century Fox Inc.

Walt Disney shares closed higher for the eighth time in the past thirteen trading sessions in New York on Thursday. The stock inched up 0.05% ($0.06) to $112.84, after touching an intraday high at $113.44 and an intraday low at $112.74.

Shares of Walt Disney Company have risen 2.91% so far in 2019 compared with an 11.08% gain for the benchmark index, S&P 500 (SPX).

In 2018, Walt Disney’s stock went up 1.99%, thus, it outperformed the S&P 500, which registered a 6.24% loss.

According to Brazils CADE, the buyer of the Fox Sports channel will be given the option to use the Fox brand without any additional charges.

Walt Disney Co and CADE agreed that the above mentioned divestiture would encompass all Fox Sports transmission rights in Brazil along with contracts with cable TV operators, real estate and transmission equipment.

On the other hand, the time frame for the deal remains confidential.

According to CNN Money, the 18 analysts, offering 12-month forecasts regarding Walt Disney’s stock price, have a median target of $129.50, with a high estimate of $147.00 and a low estimate of $102.00. The median estimate represents a 14.76% upside compared to the closing price of $112.84 on February 28th.

The same media also reported that 15 out of 23 surveyed investment analysts had rated Walt Disney’s stock as “Buy”, while 7 – as “Hold”.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Walt Disney Company (DIS) are presented as follows:

Central Pivot Point – $114.62
R1 – $116.40
R2 – $117.56
R3 – $119.34
R4 – $121.13

S1 – $113.46
S2 – $111.68
S3 – $110.52
S4 – $109.37