Core Viewpoint - Disney is expected to report earnings soon, with mixed sentiments about its performance in the streaming sector and overall business operations. Group 1: Company Performance - Disney has underperformed compared to the S&P 500 and the broader communication sector, down approximately 1.6% year-to-date [3]. - The company has been trending lower, failing to break above a resistance level around 125, and has retreated to support near 109, with further support at 102 [4][5]. - Moving averages are clustered around 110 to 111, indicating a lack of clear trend direction [5]. Group 2: Market Analysis - The volume profile indicates that the 111-112 level is a key trading area, with significant trading activity noted [6]. - The expected move for the upcoming February 20th expiration shows higher volatility compared to subsequent expirations, making it an interesting target for trading strategies [7]. - A proposed trade setup involves a short put vertical at a $1 credit, with significant support near the 105-100 level, reflecting a neutral to bullish outlook [8]. Group 3: Risk and Reward - The risk-reward ratio for the proposed trade is less favorable than typical, with a maximum profit of $100 and a maximum loss of $400, indicating a more high-probability trade [8][9]. - The break-even point for the trade is at 104, which represents a 6.3% downside from the current levels, with an expected move of 9.8% during the same time frame [9].

Core Viewpoint - The Walt Disney Company (DIS) is facing challenges in its stock performance despite being a global entertainment leader, with recent earnings reports indicating mixed results and concerns over traditional TV revenue declines [1][4][5]. Financial Performance - DIS has a market capitalization of $197.5 billion and operates through various segments including Entertainment, Sports, and Experiences [1]. - In the past 52 weeks, DIS stock has decreased by 2.3%, while the S&P 500 Index has increased by 15% [2]. - For the fiscal year ending in September 2026, analysts project DIS' adjusted EPS to grow nearly 11% year-over-year to $6.58 [5]. Recent Earnings and Market Reaction - In Q4 2025, DIS reported an adjusted EPS of $1.11, which was better than expected; however, the stock fell by 7.8% due to missing revenue expectations of $22.46 billion [4]. - The traditional TV unit experienced a profit decline of 21% to $391 million, contributing to overall concerns despite strengths in streaming and parks [5]. Analyst Ratings and Price Targets - Among 31 analysts, the consensus rating for DIS is a "Strong Buy," with 21 "Strong Buy" ratings, four "Moderate Buys," five "Holds," and one "Strong Sell" [6]. - J.P. Morgan's David Karnovsky reiterated a "Buy" rating with a price target of $138, while the mean price target of $134.89 suggests a 23.1% premium to the current price [7].

Core Viewpoint - Land & Buildings Investment Management believes that monetizing Six Flags' real estate while simultaneously driving an operational turnaround could significantly increase the company's share price, potentially unlocking up to $6 billion in real estate value [1][3]. Group 1: Current Financial Situation - Six Flags' stock has dropped over 50% year-to-date, trading at a low EBITDA multiple of 7x due to merger challenges and poor weather conditions [2]. - The company is currently experiencing record short interest, indicating negative market sentiment [2]. Group 2: Strategic Recommendations - The company sees a generational opportunity to invest in Six Flags before a potential re-rating, emphasizing the importance of monetizing real estate to deliver immediate shareholder gains while allowing for operational recovery [3]. - A separation of the real estate and operating business (OpCo/PropCo) could unlock substantial value, with estimates suggesting a potential 75% upside based on 2026 consensus estimates [6]. Group 3: Historical Engagement and Performance - Previous engagement by Land & Buildings in December 2022 highlighted a potential 50% upside through real estate monetization, which led to a 45% increase in shares shortly after [4]. - Following the August 2023 engagement, the company noted that shares were trading at a 12.5% EBITDA yield, while real estate could trade at a 7.5-8% yield, indicating a significant valuation gap [5]. Group 4: Valuation Insights - The estimated net asset value per share is $39.26, compared to the current share price of $22.11, indicating a potential 78% upside [9]. - The real estate value is estimated at approximately $5.67 billion, with a significant portion of the real estate being REIT-able [9]. Group 5: Future Outlook - The company believes that the issues affecting earnings are mostly self-inflicted and transitory, suggesting a clear path for improved performance in the coming year [8]. - There is potential for multiple bidders interested in acquiring Six Flags' real estate, which could further enhance shareholder value [10].