The U.S. economy might start to slump due to the decline of the stock market over the last couple of weeks as businesses and consumers might reduce their spending as a result. The Dow Jones Industrial Average has slipped about 10% since its peak in late January.
Several companies made headlines recently, including Walt Disney Co (NYSE:DIS), Renault SA (OTCMKTS:RNSDF) and Snap Inc (NYSE:SNAP).
Here’s what’s going on:
Walt Disney Co (DIS)
Walt Disney recently increased the entry price of Disney World.
The company did not make a big announcement about it, but it has raised the price necessary to enter Disney World during normal traffic periods to $119 for a single day for an adult, marking a $4 rise from its previous price.
The affordable tickets during times that are less busy went up by $2 to $109, while visiting Disney World during the busiest times of the year will now cost you $129 per person, a 5% price hike.
Additionally, Disney pumped up the price of annual passes for Florida residents to $729, a whopping $50 more than they were paying before the increase. Some Disney World fans embraced the rise, while others are revolted by the company’s move.
“As long as the park fills up, Disney will continue to increase admission prices. The only way to stop the insanity is to quit going! My wife and I used to go to Dizzyland all the time until the price of admission made us more nauseous than the tea cups!” said @MojoElliotLA.
“Keep raising prices.I guess this price hike is due to the bonuses Disney gave out.. I’m suspecting by 2020 it’ll be 150.00 for a single day ticket to Magic Kingdom.. People will need to start selling their kidneys on the black market to be able to afford a day at Disney. Pathetic,” said @RhodesJohn82.
DIS stock is down 4.1% year-to-date (YTD).
RENAULT SA (RNSDF)
Renault announced that a board member has resigned.
Senior board member Thierry Desmarest will no longer be on the French automotive company’s board, according to Reuters. In a few days, the carmaker is holding a meeting with its directors to choose Desmarest’s successor.
The move comes soon after the resignation of Chief Performance Officer Stefan Mueller, who was replaced by Thierry Bollore as Renault’s chief operating officer and heir.
RSNDF shares have gained 0.2% YTD.
Snap Inc (SNAP)
Snap had a rough weekend as many of its fans revolted over the company’s changes.
The Snapchat owner revamped the look of its social media app, pushing away many users, especially teens. The new move merges your friends’ snap messages along with the Stories they share.
Twitter user Clare James shared a guide on how to return your Snapchat to the way it was before: delete the app, go to Settings > iTunes and App Store > turn off automatic updates, download Snapchat again, type in email and then hit “forgot password,” choose to reset via phone, get code, type in, change password, login once again and the app should display the old platform.
However, doing so would only fix Snapchat temporarily as force quitting the app and opening it again would bring it back to the new design. Plus, you could lose your Memories if you re-download the app.
SNAP shares are up 28.7% YTD.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.
