Disney Plus gains 28.6 million subscribers | Calamatta Cuschieri

Market summary

Maltese market closed in green on Tuesday, with MSE total index ending the session 0.646% higher to 9,545.720 points. There weren’t any falls on the equity market. Best performer was MIDI plc with 2.13% jump to close at 0.48, followed by 1.90% surge of HSBC Bank Malta plc with closing price 1.07. International Hotel Investments plc and Mapfre Middlesea plc also among the gainers, both increased 1.88% and 1.72% to close at 0.815 and 2.36 respectively.

Stocks on the Continent finished at their best levels of the session despite the still increasing number of confirmed coronavirus cases. By the end of trading, the pan-European Stoxx 600 was ahead by 1.64% to 418.47, alongside a rise of 1.81% to 13,281.74 for the German Dax while the Italian FTSE Mibtel clocked in with an advance of 1.64% to 23,844.85.

Stocks closed sharply higher on Monday as US stocks attempted to regain some of the heavy losses recorded on Friday after China's fast-spreading coronavirus sparked a sell-off on the Street. At the close, the Dow Jones Industrial Average was up 1.44% at 28,807.63, while the S&P 500 was 1.50% stronger at 3,297.59 and the Nasdaq Composite saw out the session 2.10% firmer at 9,467.97.

Disney Plus Racks an astounding number for a streaming service that is less than three months old.

Walt Disney said about 28.6 million people had signed up for Disney+ since it started in November.

The on-demand video service, which costs USD 6.99 (GBP 5.36) per month, is Disney's answer to the rising competition from Netflix.

Disney also warned investors that its operating income in the next quarter could take a nearly USD300m hit due to the closure of its parks in China.

That figure assumes the coronavirus outbreak keeps Disney's resorts in Shanghai and Hong Kong closed for two months, and takes into account the fact that visitors to Hong Kong had already dropped significantly due to protests there.

The service is currently available in five countries, including the US and Canada. It is due to launch in the UK and other countries in Western Europe next month and also the service will launch in India in March.

Disney shares rose more than 2% in after-hours trade.

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.