Disney sees shares drop to lowest in over three years

Disney shares were down 3.7% on Thursday, hitting their "lowest level in nearly three-and-a-half years," with some investors betting that a "further price drop is on the cards in the next few months." Disney stockholders are "scrutinizing the company's turnaround plan" after CEO Bob Iger earlier this month promised a "mix of price hikes across its streaming properties, more ads and cost cuts to lift the business." In Disney's earnings report on Aug. 9, Iger acknowledged that the company "faces a 'challenging environment' in the near-term and the company's shares have dropped over 5% since the time" (REUTERS, 8/24).