Another hit for the most magical stock on Earth?
Disney is in full focus once again Monday on news that the media giant is postponing the release of its live action “Mulan” remake until August 21. It marks the second time the release, originally scheduled for March, was delayed.
The move comes amid rising coronavirus cases that have continued to put the safety of movie theaters into question. As of Monday, June 29, over 10 million cases of coronavirus have been reported globally with over 2.5 million reported in the U.S., according to Johns Hopkins University.
"While the pandemic has changed our release plans for 'Mulan' and we will continue to be flexible as conditions require, it has not changed our belief in the power of this film and its message of hope and perseverance," Alan Horn, co-chairman and chief creative officer, and Alan Bergman, co-chairman of The Walt Disney Studios said in a joint statement.
Like most of corporate America, it hasn’t been an easy few months for Disney as the company has also grappled with the closure of its theme parks and the delayed reopening of Disneyland.
In an interview with Street Lightning, TheStreet founder Jim Cramer expressed concern for the struggling entertainment giant. "Disney needs a break. Disney needs a break really badly," Cramer said.
Could the Disney+ release of Hamilton be the test Disney needs for its digital film releases?
Jim Cramer said "everything is collapsing" for Disney and the stock could use some good news. Watch the video above to hear why Cramer is still holding onto the stock.
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