Disney has good news in the corporate profit department:
Walt Disney Co.'s (DIS) fiscal fourth-quarter profit grew 18% amid a merger-related gain while the company's network business reported strength thanks to cable channels ESPN and ABC Family.
Shares gained 3.9% to $30.15 in after-hours trading as the entertainment and media giant's results topped Wall Street's expectations. The stock, which reached its 52-week high last month, has almost doubled from a seven-year low in March.
President and Chief Executive Robert Iger said he was pleased with how the company's businesses responded to the recession. "We've stayed focused on our long-term strategy, efficiently managed costs, and continued to invest in initiatives to deliver future growth." ...
I know my family is elated. All that Disney stock we purchased back in the days of $32 stock shares? We're only down $2 per share. But it's not all carnations and champagne:
The film and TV production studio swung to a loss, its second straight after four-straight years of profit.
Mr. Ross continues to use elbow grease cleaning out the Mouse's corporate hierarchy, and I'm thinking our stock will be back to even in no time.
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