Disneyland Shanghai is now open in Shanghai. It's the first Disney theme park to reopen since the coronavirus pandemic shut them down.
"Tickets quickly sold out when they went on sale at 399 yuan ($56) on Friday, with entrance timeslots stamped on the tickets. The park, which normally can accommodate 80,000 visitors per day, is operating at less than one-third capacity, with a maximum 24,000 guests. Face masks are de rigueur, and not just the headgear for Donald Duck and Minnie. Indoor attractions remain closed, though restaurants are open, and character selfies are banned," wrote Real Money's Alex McMillan.
"Disney lost about $1 billion in fiscal Q2 revenue as a result of the closure of its parks. Operating income shrank by $1.4 billion, or 37%, to $2.4 billion, with its cruise business also curtailed and costs for movie production to shut down. The bright spot was a strong showing for its new Disney+ streaming service, which surged past 50 million subscribers in April," noted McMillan.
So, what does this mean for Disney's stock? Here's what Jim Cramer thinks.
Watch the video above for his full take.
Tune in on Thursday, May 14 at 11:30 a.m. ET to watch Cramer's live call for Action Alerts PLUS right here on Street lightning.
Watch More of the Latest Videos from TheStreet and Jim Cramer
- Jim Cramer on Moderna Coronavirus Vaccine: 'I Think Phase 3 Is Coming'
- Jim Cramer: What Coronavirus Means for Your Money in May
- Jim Cramer: Uber Eats Shouldn't Compete with GrubHub