Disney drops the aftermarket miss; Cisco shares climbing

Shares of a major media player fell as the weak performance of its TV networks weighed on its quarterly performance. Meanwhile, demand driven by building AI infrastructure has helped lift shares of a major technology company.

Major US stock indexes fell, a day after President Trump signed a bill to reopen the government. The Dow Jones and Standard & Poor’s 500 indexes fell by 1.7%, while the Nasdaq index, which is dominated by technology stocks, fell by 2.3%. Click here for more Investopedia In Thursday market news.

The price of Bitcoin (BTCUSD) and other major cryptocurrencies fell as the government reopening failed to provide a boost to the declining digital assets. Shares of Robinhood Markets (HOOD), operator of an online trading platform that provides access to cryptocurrencies, fell nearly 9% on Thursday to lead losses in the S&P 500. Shares of brokerage platform operator Interactive Brokers (IBKR) lost 7.8%, while shares of Coinbase Global (COIN), operator of the largest cryptocurrency exchange in the United States, fell 6.9%.

Although The Walt Disney Company (DIS) beat expectations with its fiscal fourth-quarter earnings, revenue for the period fell short of expectations, and shares of the entertainment giant fell 7.8%. The company reported better-than-expected subscriber numbers for its streaming services Disney+ and Hulu, but its linear TV business weighed on results, with local network revenue and operating income down sharply from a year ago.

Tesla (TSLA) shares fell nearly 7% on Thursday. The electric car maker has reportedly seen a sharp year-on-year decline in its sales in China, highlighting competitive pressures in the world’s largest car market. Ark Invest, the investment management firm run by Cathie Wood, also unloaded Tesla shares over several consecutive trading sessions.

Shares of Cisco Systems ( CSCO ) jumped about 5% after the networking equipment and software provider reported better-than-expected sales and profits for its fiscal first quarter. The company highlighted strong revenue growth associated with AI infrastructure spending by hyperscale customers.

Dow Jones (DOW) shares jumped 4.2% after Goldman Sachs boosted its price target on the chemical maker’s stock. Analysts highlighted the company’s strong cash flow.

Shares of Albemarle (ALB), the world’s largest lithium miner, rose nearly 4% after UBS raised its price target on the stock. Analysts noted that mine closures in China could help support stronger lithium prices. Oversupply conditions have contributed to pressure on the price of a key battery component in recent years.