Shares of Walt Disney Co. DIS, -2.34% slumped 2.3% in afternoon trading, putting them on track for the lowest close in 17 months, after Florida lawmakers reportedly approved a bill to end a special tax district allowing the media and entertainment giant to govern the land housing its theme parks. Also weighing on Disney’s stock is continued investor disdain for streaming video providers, in the wake of Netflix Inc.’s NFLX, -3.52% very disappointing first-quarter results. Disney’s stock, which slumped 5.6% on Wednesday as Netflix shares plunged 35.1% after its results, is headed for the lowest close since Nov. 2, 2020. It has tumbled 21.4% year to date, while the Dow Jones Industrial Average DJIA, -1.05% has slipped 3.9%.
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