Trader Guy Adami said he sees the stock trading higher, hitting a $120 price level as early as Wednesday, after Disney CEO Bob Iger said he will not retire if it is in the best interest of the company during the earnings call.
Shares of Disney are up 15 percent in the last three months and trading around $109.
Trader Dan Nathan said Iger would not leave his post until he deals with the declining number of ESPN subscribers. Trader Karen Finerman said this concerned her.
Iger will protect his legacy "as one of the best CEOs in the last generation," Nathan said.
Trader Pete Najarian echoed the $120 price level prediction and said the stock is a profitable longterm buy.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
Karen is long AAL, BAC, BAC short calls, C, DAL, FB, FL, GLMP, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, M, MA, SEDG, SPY puts, TACO, UAL, WIFI long call spreads. Her firm is long ANTM, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Pete Owns CALLS AAL, AMJ, AKS, BVN, BZH, C, CCL, CHK, CLF COP, CRM, ETFD, ETP, FCX, GDX, GILD, HRL, IBN, INTC, JBLU, HUM, KORS, KKMB, MRVL, MSFT, MTW, NEM, P, PAA, POT, RIO, TGT, SLV, UUP, XLF, WY, WFT, WLC, GLD, UUP, ZIOP LONG:AAPL, BAC, BLL, DIS, DISCA, GE, GM, HAIN, HD, HUM, INTC, JWN, KMI, KMI.A, KO,KORS, LUX, MOS, MRK, MRVL, PEP, PFE, XLNX. PUTS: PJC
Dan Nathan is Long XLV March Put Spread, XLI Feb Put Spread, FXI Feb Put Spread.