Jim Cramer has hereby announced that Aug. 4, will live in infamy. When it comes to stock market battles, the day that Disney reported was a battle on Wall Street, and investors have been paying the price ever since.
Prior to that date, Disney's stock had become the must-own growth stock of 2015. And going into that fateful day when it reported, it was the best performing stock of the Dow Jones industrial average. In fact, it was too hot.
It was also on the day Disney reported its earnings that Cramer found the company's conference call to sound triumphant as it laid out a roadmap for ESPN, "Star Wars" and Shanghai Disney.
Instead, it turned out to be an epic ambush for the bulls as the stock dropped 14 points in two days, with a small, brief dead-mouse-bounce rally shortly afterward. The culprit? A few tiny words from management about expecting domestic cable affiliate revenue to fall a bit short of expectations and ESPN experiencing modest sub-losses.
"Ever since that conference call, the only cartoon character I can think about when Disney pops into my mind is Humpty Dumpty, because it seems that all the Street's horses and all the Street's men can't put Humpty Dumpty back together again," Cramer said.