Shares of Walt Disney Co. surged 3.3% in afternoon trading Wednesday, to extend its recent rally toward a six-week high. The media and entertainment giant, and parent of the Disney+ video streaming service, was getting a boost from Netflix Inc.’s second-quarter results, which were good enough to send Netflix’s stock climbing 5.4%. Disney’s stock has run up 12.1% amid a four-day win streak, which started after it closed July 14 at $91.84, the lowest closing price since March 2020. Meanwhile, Disney’s stock was still the biggest loser among the Dow Jones Industrial Average’s components over the last 12 months, as it has lost 41.8% over that time while the Dow has slipped 7.8%. Other companies with streaming services were also getting a bump from Netflix’s results, as shares of Roku Inc. rose 6.6%, Paramount+ parent Paramount Global gained 2.6%, FuboTV Inc. hiked up 8.0%, Peacock parent Comcast Corp. tacked on 0.8%, Apple TV+ parent Apple Inc. rose 1.1% and Amazon Prime Video parent Amazon.com Inc. climbed 3.4%.
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