What happened

Walt Disney (DIS -1.08%) closed at a more than eight-year low yesterday at $84.17 per share. With it down 44% in 2022, the stock is going to have its worst calendar year since 1974. But some investors are seeing that as an opportunity, helping to boost shares on the penultimate trading day of the year. Disney shares jumped nearly 5% earlier today and remained up by 3.6% as of 2:22 p.m. ET.

So what

Investors may be looking to the past thinking 2023 will be a much better year for the stock. After it lost 54% of its value in 1974, shareholders enjoyed a 133% return in 1975. The results in 2023 might not be at that level, but there are good reasons to think the stock may have room to move higher in the coming months. 

Now what

Disney shares are down this year along with those of others in the media industry. Investors are concerned about growing competition -- and losses -- among streaming services. In its fiscal fourth-quarter results reported last month, Disney said its direct-to-consumer segment lost over $1.4 billion for the three-month period ended Oct. 1. That was mainly due to growing losses from its Disney+ streaming service and was more than twice the operating loss reported the prior year. 

Disney had previously told investors its streaming service wouldn't be profitable until 2024, but expanding losses have some thinking that profitability might be pushed out even further. But Disney's overall net income from operations still grew in the quarterly period versus last year, and it was up 58% in the trailing 12 months year over year. 

Disney is much more than just a television streaming provider. Its parks division has rebounded from the pandemic and is performing very well. Investors looked at the multiyear-low stock price today and thought there may be plenty of upside from here going into 2023 and beyond.