As part of the recent earnings call, Disney CEO Bob Iger announced that the Disney Board approved the first stock repurchasing since 2018. In total, Disney will target a stock buyback of $3 billion in fiscal year 2024, which ends in September. Disney says that this $3 billion is just the start of the stock buyback program.

Disney closed at $110 per share today, a jump of more than 11% following yesterday’s earnings call.

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