With earnings season kicking off today for media and entertainment, Wall Streeters are reviewing their numbers in a constantly shifting business climate buffeted by COVID-19. Disney reports quarterly results on August 4.California Shutdown Reverses Stock Market Surge In Frenetic Last Hour Of Trade; Netflix, Disney Shares Lose Ground
Kreutz, who, like many others, initially calculated the spread of the virus and subsequent social distancing requirements would have trailed off significantly by the end of this year, said he now sees pandemic restrictions in effect at least until the middle of next year. “The situation remains very fluid and we do not rule out the possibility that the impact could last even longer,” he said in a note.
New U.S. COVID-19 cases are now in the 60,000 a day range, double the interim peak reached in early April, he noted, with Florida and California, home to Disney’s two domestic theme parks, accounting for about 33% of new cases. Separately, he said doesn’t expect any new releases from Disney this year and only a modest slate in 2021. That’s because he now thinks domestic theaters may be largely closed until mid-2021 and studios won’t be interested in releasing their largest movies into a capacity-constrained footprint. Currently the nation’s largest exhibitor AMC Entertainment is planning to reopen where it ican on July 30. Cinemark has set a July 24 date.
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