Walt Disney Stocks Rose as Rumors Fly about a takeover by Verizon

Disney Stocks Trading

Walt Disney shares rose before the market closed for a day due to the 4th of July holiday amid rumors saying that Verizon Communications could have its sights set on acquiring the magical House of Mouse. Both Disney and Verizon are members of the Dow Jones industrial average. The concept was reported on Saturday night by the New York Post.

The telecommunications giant, Verizon, recently closed a deal of acquisitions of the web giant Yahoo and combined it with AOL all in under one name Oath. The company also won a bidding war against AT&T for Straight Path Communications.

One particular rumor was about the telecommunications giant might  have its eye set on acquiring Disney, while that sounds fantastical, a well-placed banker told “On The Money” to not underestimate the buying capabilities of Verizon

Verizon Management in early May gave signals that a more possible acquisitive behavior down the road. Disney’s troubles have revolved around its flagging ESPN subscriber figures, in spite of its high-performing studio and theme parks segments.

Disney stocks reached highs of 108.62 in the stock market today, which briefly retaking its key 50-day moving average for the first time on two months Disney ended the session. Verizon Communications rose by 0.7% which ended the session at 44.98 after touching a 17 month low within the trading session.

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