Why Jim Cramer says investors should bet on Disney
Cramer thinks this high-profile stock may be on the verge of a transformation.
While CNBC's Jim Cramer has his fair share of critics, one thing is for sure -- the longtime investor knows the markets like the back of his hand.
That's why when Cramer makes a prediction about market moves, people listen, and now the financial pundit has a new take that will likely make fans of a legacy entertainment company very happy indeed.
DON'T MISS: Disney has gotten rid of Walt Disney's most-sacred rule
In a post on X, the social media site formerly known as Twitter, Cramer says that he foresees Disney (DIS) - Get Free Report stock becoming a "bargain," going as far as to use his tagline that betting against it means you can send him "an invitation to your funeral."
this deal is huge and I think the beginning of a revenue stream that can make Disney' stock be a bargain. My trust owns it and it has been a huge bust. But at this point i say you bet against Disney and send me an invitation to your funeral https://t.co/0yGHYRJn7s— Jim Cramer (@jimcramer) August 9, 2023
Cramer is referring to ESPN's announcement on June 8 that it forged a new partnership with Penn Entertainment to dive deep into the world of sports betting. Called ESPN Bet, the venture is its first foray into creating its own branded sportsbook.
More ESPN:
- ESPN's Ex-President John Skipper gives honest thoughts on ESPN’s future and potential sale
- ESPN is exploring a unique partnership with NBA and NFL, report says
- ESPN Layoffs: Prominent on-air talents among the network's 20-person staff reduction
The new partnership is part of a much larger slate of changes put in motion by CEO Bob Iger, which included a major cost-cutting drive and a new three-part organizational structure focused on Parks, Entertainment and ESPN. He also said Disney would restore its regular dividend, which it suspended during the peak of the pandemic in 2020, by the end of the calendar year.
Disney is scheduled to report Q3 earnings at 4:30 pm EST on Aug. 9. Our preview can be read here.
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