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Disney CFO Takes Leave Of Absence As Traders Bet On 14% Stock Drop

Christine McCarthy steps down amid family medical leave; Options traders buy 25,000 July 80-puts

Walt Disney Co’s (NYSE: DIS) senior executive vice president and chief financial officer, Christine McCarthy, will be stepping down from her role and taking a family medical leave of absence, the company announced on Thursday.

Moderator Nelson Peltz, Founding Partner and CEO, Trian Fund Management, L.P. (L) and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer, The Walt Disney Company, participate in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California. Disney CFO Takes Leave Of Absence As Traders Bet On 14% Stock Drop. MICHAEL KOVAC/GETTY IMAGES

On CNBC’s “Options Action,” Mike Khouw of Optimize Advisors said Disney was the third busiest among consumer discretionary single stock options on Thursday.

There was a buyer of 25,000 of the July 80-puts at an average price of 25 cents per contract, Khouw mentioned.

Traders expect Disney’s stock to drop more than 14% by July expiration.

Veteran Disney executive Kevin Lansberry will serve as the company’s Interim CFO, effective July 1, the company said.

Disney shares gained 0.5% to close at $92.94 on Thursday and lost 0.5% in the after-hours trading session.

Zenger News does not provide investment advice. 
Produced in association with Benzinga

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