Bulls Double Down on Surging Walt Disney Stock

Walt Disney Co (NYSE:DIS) surpassed fiscal first-quarter earnings expectations, though revenue missed estimates. However, the entertainment behemoth also announced a $1.5 billion stake in Fortnite-parent Epic Games, which will now create games for the company.

Additionally, a new version of Taylor Swift's "Eras Tour" will stream exclusively on Disney+, a "Moana" sequel is coming later this year, and its ESPN streaming service is set to launch in 2025. 

DIS is up 9.8% at $108.88, and earlier hit its highest level since in almost one year. The shares are on track for their best day since December 2020, and have blasted through a long-term ceiling at the $104 level. So far this year, Walt Disney stock has added 20.3%.

So far today, 174,000 calls and 58,000 puts have crossed the tape, which is eight times the intraday average amount. The most popular contract is the weekly 2/9 110-strike call, where new positions are opening.

Call volume has been higher than usual for some time. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 2.14 stands higher than 88% of readings from the past year.