- Disney stock jumped 6% ahead of Thursday's opening bell after a strong earnings report.
- The entertainment giant revealed big bets on the "Fortnite" maker Epic Games, and Taylor Swift.
The Walt Disney Company was the big winner in Thursday's premarket, as its stock climbed higher after a strong quarterly report that beat Wall Street's expectations.
The House of Mouse's earnings of $1.22 per share for the last three months of 2023 comfortably cleared analysts' forecasts, according to a poll by Refinitiv. The entertainment giant also flexed its muscles by announcing new partnerships with "Fortnite" maker Epic Games and Taylor Swift.
Shares were up 6% shortly before 7 a.m. ET. Disney will add $11 billion to its value if those gains hold up until the opening bell.
"The 'Fortnite' studio is a firm fan favorite and potentially unlocks a highly lucrative new revenue stream," Hargreaves Lansdown's Sophie Lund-Yates said.
"Disney's biggest asset is its stable of well-loved characters and stories, and being able to re-monetize the same intellectual property over and over again is an enviable trick up Disney's sleeve."
Meanwhile, S&P 500 futures slipped 0.2% after the index hit a new record closing high Wednesday. The Nasdaq 100 and Dow Jones Industrial Average were also set to drop at the opening bell.
The US Treasury is set to auction $25 billion of 30-year bonds at 1 p.m. ET, in a potential test of investors' appetite for longer-duration debt. Benchmark yields remained broadly unchanged in early-morning trading.
Pinterest and ConocoPhillips are among the companies due to report results on Thursday.