Following a record-breaking opening weekend for “The Lion King,” CNBC’s Jim Cramer said Disney’s stock is an insurance play for investors.
“Disney is just an annuity stream,” Cramer said Monday on “Squawk on the Street.”
Disney’s stock has been on a tear this year, climbing nearly 30%, on the back of the company announcing a new streaming service, Disney+, and releasing several recording-breaking films. This past weekend, “The Lion King” earned an estimated $185 million in the U.S., the highest opening in July ever. The reimagining of the 1994 classic follows Disney’s release of “Avengers: Endgame,” which was crowned the highest-grossing film of all time.
“This movie machine is extraordinary,” said Cramer. “There was not, that I saw, a good review of ‘Lion King’ and it just didn’t matter.”
“The Lion King” broke records despite garnering a Rotten Tomatoes score of 55% from 260 reviews heading into opening weekend. Critics had mixed feelings about the movie, with some calling the…