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Stock Alert: Walt Disney Falls Almost 12%

Shares of Walt Disney Co. (DIS) are falling almost 12 percent in the morning trade on Monday at $90.35. The stock has traded in a range of $91.64 to $153.41 in the past 52 weeks.

On Monday, U.S. stocks plunged at the open, triggering a brief market-wide trading halt, amid escalating concerns about the economic impact of the coronavirus pandemic. Trading has since resumed.

In an emergency move on Sunday, the Federal Reserve slashed its benchmark lending rate to near zero and launched a new round of quantitative easing worth $700 billion to help the U.S. economy deal with the effects of the coronavirus. The drastic moves by the Fed have raised some concerns that central banks around the world will run out of ammunition to deal with a deepening crisis.

Last week, Disneyland said that major theme parks in the U.S., including Walt Disney's parks in California and Florida, as well as Universal Studios are closing down temporarily amid the ever-increasing concerns over the coronavirus, or COVID-19 pandemic.

The Disneyland Resort, comprising Disneyland Park and Disney California Adventure, are closed from Saturday, March 14 through the end of the month. The theme parks at Walt Disney World Resort in Orlando, Florida, as well as Disneyland Paris Resort would also be temporarily closed starting at the close of business on March 15 through the end of the month.

Disney added it will suspend all new departures with the Disney Cruise Line starting Saturday through the end of the month. Disney's parks in Asia are already closed due to the coronavirus outbreak.

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