May 30, 2018 / 2:18 PM / in 6 months

Walt Disney shares added modestly to losses on Tuesday after ABC's 'Roseanne' cancellation

FILE PHOTO: Sunlight breaks through clouds near Disney World in Kissimmee, Florida, U.S. September 8, 2017. REUTERS/Gregg Newton

(Reuters) - Shares of Walt Disney Co fell a bit further on Tuesday after ABC canceled “Roseanne” over star Roseanne Barr’s racist tweet.

At the time of the announcement, U.S. stocks were broadly lower on concerns about political instability in Italy, and the benchmark S&P 500 was down 1.2 percent. Even before the ABC statement, Disney shares were down more than the rest of the market on a disappointing debut weekend for the film “Solo,” falling $2.32 to $99.87 a share, a loss of 2.27 percent.

In the moments following the ABC statement, the stock ticked down further to $99.50, a loss on the day of 2.63 percent. It closed the day down 2.46 percent at $99.69.

Reporting by the U.S. stock market team

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