Dow Jones Barely Higher as Disney Ramps Up Layoffs, Apple Moves Some Production Out of China

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Disney has increased the scope of its planned job cuts, and Apple is reportedly diversifying production.
The Dow Jones Industrial Average (DJINDICES:^DJI) was clinging to a small gain Friday morning on a shortened post-Thanksgiving trading day for the stock market. The Dow was up about 0.18% at 11:05 a.m. as it underperformed the other major indices. The market may be getting a boost from recent comments by President Trump suggesting that he will at least informally accept the results of the election if the Electoral College elects Joe Biden as President when it votes in December.

Shares of Disney (NYSE:DIS) were down on Friday after the company used its annual filing to disclose an increased number of layoffs scheduled for the coming months. Meanwhile, Apple (NASDAQ:AAPL) stock rose as the company reportedly moves some non-iPhone production out of China.

Disney ramps up job cuts

It was reported in September that Disney planned on laying off 28,000 employees due to the impacts of the COVID-19 pandemic. That number has now jumped to 32,000, according to the company's recently filed annual report.

Disney plans to cut approximately 32,000 jobs in the first half of fiscal 2021. These job cuts will primarily hit the parks, experiences, and products segment. Disney was able to reopen its Disney World resort in…
Timothy Green
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