The Walt Disney Company (DIS) - NYSE
  • Wed, Mar. 2, 6:35 PM
    • In the wake of Walt Disney's (DIS -0.6%) move to shift its theme park admissions to dynamic pricing, JPMorgan's Alexia Quadrani is even more encouraged by possible upside in its Parks business.
    • Margins have been expanding but have further to go, she suggests: "We believe the parks also have the potential to continue expanding margins following ~200bps of expansion in F2015, and we look for ~150bps expansion in F2016 at the domestic parks."
    • The firm has an Overweight rating on shares and trimmed its price target slightly last month, to $118. With today's price at $97.05, the target implies 21.6% upside.
    • Price increases for "peak" tickets -- to as much as $119/day at Disneyland, and $124 at Disney World's Magic Kingdom -- "are not likely to lessen demand" and could help control overcrowding, Quadrani writes.
    • Previously: Disney moves to seasonal ticket pricing strategy (Feb. 29 2016)
    • Previously: Disney polls guests on demand-priced park ticket scheme (May. 28 2015)
    | Wed, Mar. 2, 6:35 PM | 12 Comments
  • Wed, Mar. 2, 1:55 PM
    • Walt Disney (DIS -0.8%) today launches its TV channels -- including ABC TV, ESPN, and Disney-branded channels as well as smaller networks including Fusion and the Longhorn Network -- on the streaming PlayStation Vue (SNE +2%) service.
    • The two had originally set the partnership in November without a launch date, and that deal followed months of negotiations where Disney's programming had been a glaring exception on the service.
    • Vue had launched last March offering some 50 channels for about $50/month, but along with the Disney launch, Sony's hoping to draw more viewers by lowering its base price for all subscribers to $40/month.
    • Sony hasn't provided viewership numbers. The Vue service is still available in just seven cities.
    • Previously: After months of dealing, Disney networks joining PlayStation Vue service (Nov. 05 2015)
    | Wed, Mar. 2, 1:55 PM | 3 Comments
  • Mon, Feb. 29, 6:21 PM
    • Walt Disney (NYSE:DIS) is changing up the windows for its video-on-demand channels, pushing more episodes out sooner to digital platforms.
    • Shows from the Disney Channels weren't available via VOD or the Watch Disney apps until the day after their debuts on linear TV, but starting March 1, the new episodes will be available on all platforms on a same-day basis.
    • The move affects the Disney Channel, Disney Junior and Disney XD.
    • Previously: Disney moves to seasonal ticket pricing strategy (Feb. 29 2016)
    | Mon, Feb. 29, 6:21 PM | 3 Comments
  • Mon, Feb. 29, 12:34 PM
    • Overnight ratings are in, and the Oscar broadcast on ABC (DIS +0.7%) -- typically the most-watched night of television in the U.S. outside the Super Bowl -- continued last year's trend by falling 6%, to an eight-year low.
    • Nielsen's metered overnights showed a 23.4 rating/36 share, vs. last year's 25.0/38. That's the lowest since Jon Stewart hosted in 2008 and drew a 21.9/33 and a smallest-on-record 32M viewers.
    • Fuller viewer numbers for last night are yet to come, though they should be around 34M viewers, still likely good for the top-rated entertainment program of the year.
    • Average cost of a 30-second ad for last night was between $1.9M and $2M -- up slightly from the $1.8M average of a 2015 Oscars that drew $110M in ad revenue.
    | Mon, Feb. 29, 12:34 PM | 46 Comments
  • Mon, Feb. 29, 8:46 AM
    • Disney (NYSE:DIS) moves to a seasonal ticket pricing set-up that will divide the year into value, regular, and peak periods. The new rates will apply to one-day tickets only.
    • The development is seen helping to spread out visitations for Disney and could impact pricing strategies at Six Flags (NYSE:SIX), Cedar Fair (NYSE:FUN), and SeaWorld Entertainment (NYSE:SEAS).
    | Mon, Feb. 29, 8:46 AM | 19 Comments
  • Mon, Feb. 29, 3:00 AM
    • Taking a cue from Disney's (NYSE:DIS) stock price? The on-stage Oscar antics of droids C-3PO, R2-D2 and BB-8 may have charmed the Academy Awards audience, but Star Wars: The Force Awakens did not fare so well, failing to win any of its five nominations.
    • The film, which was released in December and is the top-grossing film of all time in the U.S. and Canada, lost out in categories across film and sound editing, visual effects, sound mixing and music-original score.
    | Mon, Feb. 29, 3:00 AM | 31 Comments
  • Tue, Feb. 23, 5:13 PM
    • Breach of contract litigation filed by ESPN (DIS -1%) last year against Verizon (VZ -0.9%) is on hold as the two companies try to work it out.
    • A stay has been issued before a preliminary conference set for Friday, delaying it until at least March 28.
    • ESPN filed suit last April after Verizon rolled out a new "skinny" FiOS plan that allowed customers to pick a small set of channels including some broadcast and basic cable, but left ESPN to a different, separately purchased tier.
    • In the meantime, Verizon introduced a new "Custom TV" service last week that allow for customers to get a service with ESPN and other sports channels or one without those.
    | Tue, Feb. 23, 5:13 PM | 10 Comments
  • Mon, Feb. 22, 3:37 PM
    • Walt Disney (DIS +1.5%) has named James Pitaro as the new sole chief of its recently combined Consumer Products and Interactive Media division.
    • Pitaro was joint leader of the unit along with Leslie Ferraro, but will now be the chairman as Ferraro is leaving the company to pursue marketing and consumer engagement. Disney will be her first client after her departure.
    • Last summer, Disney said it was combining its two units in a marketplace "increasingly influenced by technology," and established DCPI Labs as a new team in the unit.
    | Mon, Feb. 22, 3:37 PM | 1 Comment
  • Mon, Feb. 22, 12:41 PM
    • Deadpool (FOX +2.1%, FOXA +2.4%) again led U.S. box office easily with a solid $55M, and has become an unlikely R-rated global phenomenon, topping $490M worldwide.
    • Its nearest competitor was Kung Fu Panda 3 (DWA +4.7%, Fox distributing), which drew $12.5M to edge a solid pair of new releases. Panda has grossed $117.1M ($294.2M worldwide) in four weeks of release.
    • Fox had expected $55M in an opening weekend for Deadpool -- not its second week -- so its $150M opening was a pleasant surprise. The film has logged $235.4M domestically.
    • Sony's (SNE +1.7%) biblical drama Risen debuted to a third-best $11.8M, making it one of the biggest faith-based openings of all time (a list including The Passion of the Christ, Son of God and Heaven is for Real). Meanwhile, The Witch was the weekend's No. 4 film with $8.7M, marking the best premiere for independent label A24.
    • Star Wars watch: In its 10th week of release, The Force Awakens (DIS +1.8%) drew $3.8M to bring its all-time best domestic total to $921.6M, and its worldwide cumulative total to $2.04B.
    • Previously: 'Deadpool' smashes records for Fox with $150M holiday opening (Feb. 16 2016)
    | Mon, Feb. 22, 12:41 PM | 9 Comments
  • Thu, Feb. 18, 7:34 PM
    • Battered media stocks came in for some (valuation-based) love from Deutsche Bank, which adjusted its price targets on a number of names today, with some of them at multi-year lows to create a "selective buying opportunity."
    • It saved its only price-target hike for one of its top picks, Time Warner (TWX -0.1%). Analyst Bryan Kraft raised his target on the stock to $93, from $88; that implies 44% upside from today's close of $64.62.
    • His other top picks in the sector include Twenty-First Century Fox (FOX -0.2%, FOXA -0.3%), Buy-rated but with a price target cut to $37 from $40 (implied 40% upside for FOXA); CBS (CBS -1.7%) and Starz (STRZA -3.1%).
    • Also coming in for target cuts also were Walt Disney (DIS -0.3%), lowered to $113 from $114, implying 18.7% upside, and Viacom (VIA -0.4%, VIAB -0.4%), cut to $38 from $56, implying 6% upside on B shares.
    • It's been a rough winter for most of the stocks. Returns over the past three months: TWX -10%, FOXA -12.9%, CBS -10.8%, STRZA -37.5%, DIS -19.4%, VIAB -32.8%.
    | Thu, Feb. 18, 7:34 PM | 15 Comments
  • Wed, Feb. 17, 3:51 PM
    • Paul Lee is out as president of ABC (DIS +2.9%), and Channing Dungey -- previously in charge of drama development, movies and miniseries -- is taking his place.
    • Dungey becomes the first female African-American in charge of a broadcast network. She'll report directly to Ben Sherwood, who took over last year as president of Disney/ABC TV Group, and with whom Lee was said to have clashed.
    • After a strong 2014-2015 season, ABC's ratings have disappointed in the new season, culminating in a midseason fall behind Fox to become the last-place network among the Big Four, with little rescue coming this season.
    | Wed, Feb. 17, 3:51 PM | 6 Comments
  • Tue, Feb. 16, 11:07 AM
    • Walt Disney's (DIS +1.2%) well-documented ESPN-related concerns have tamped down the stock, but Credit Suisse is happy to talk about the half of the business that's contributing the exciting growth, reiterating an Outperform rating on Disney shares.
    • “The success of investments made in Pixar, Lucasfilm, Marvel and in the domestic parks is coming through strongly,” writes Omar Sheikh, who noted annualized operating income growth of 15%, 21% and 45% for parks, consumer products and the studio segments respectively.
    • “We argue it is wrong to overlook the growth coming from businesses which contribute half of Disney's profits, and which also help support a premium multiple for the stock,” Sheikh says.
    • The firm has a price target of $130, 40% upside form the current price of $92.25.
    • The rate of decline in ESPN's domestic subscribers has improved Q/Q, Sheikh says. On the company's earnings call, CEO Bob Iger noted a "recent" uptick, suggesting subscriber had increased since the end of the quarter.
    • Previously: Hilliard Lyons still bullish on Disney after 'excessive' decline (Feb. 12 2016)
    • Previously: Disney call: 'Star Wars' soars; ESPN pessimism 'more dire' then deserved (Feb. 09 2016)
    | Tue, Feb. 16, 11:07 AM | 32 Comments
  • Tue, Feb. 16, 4:23 AM
    • Hot on the heels of Star Wars: The Force Awakens, the next installment of the franchise has begun filming in London, but many investors are still questioning when the Force will return to Disney's (NYSE:DIS) stock.
    • Despite record-breaking quarterly earnings, DIS shares have fallen 15% since Episode VII first debuted in December.
    • The new movie, which is written and directed by Rian Johnson, is scheduled for release on Dec. 15, 2017.
    | Tue, Feb. 16, 4:23 AM | 19 Comments
  • Fri, Feb. 12, 1:18 PM
    • A decline in shares of Walt Disney (NYSE:DIS) -- down 2.4% since posting record-high earnings after Tuesday's close -- has confounded investors who saw very little to worry about in the new report.
    • Hilliard Lyons shares that concern, as analyst Jeffrey Thomison sees "excessive" drops in the stock price, which is off 14.1% YTD and down 22.3% over the past three months. He's maintaining a Buy rating but trimming the two-year price target on the stock from $130 to $120 -- just short of 33% upside from today's $90.30.
    • "All major segments posted revenue gains, and all but the two Media Networks businesses reported sharp operating income gains," he writes. The company's studio business saw robust gains, and "Parks & Resorts and Consumer Products/Interactive Entertainment also had stellar quarters, in our view."
    • As for the ESPN subscriber worries that plague the stock: "We expect this trend to continue in the next few quarters, but eventually subside as ESPN is one of the most watched and most popular cable channels in the world."
    • Previously: Media stocks caught in downdraft with earnings coming in (Feb. 10 2016)
    • Previously: Disney -3.1% post-earnings as analysts trim price targets (Feb. 10 2016)
    • Previously: Disney call: 'Star Wars' soars; ESPN pessimism 'more dire' then deserved (Feb. 09 2016)
    | Fri, Feb. 12, 1:18 PM | 7 Comments
  • Wed, Feb. 10, 3:58 PM
    | Wed, Feb. 10, 3:58 PM | 5 Comments
  • Wed, Feb. 10, 10:42 AM
    • After marking its biggest one-day decline in six months earlier this morning (down 6.6%), Walt Disney (NYSE:DIS) is recovering, down just 3.1% after it posted record Q1 earnings that still drew eyes toward disappointing Media Networks results.
    • The earnings report drew price target cuts from a number of analysts pointing to subscriber trends. BMO Capital's gone low, cutting its target to $95 from $110, as Daniel Salmon pointed to a "notable miss" in Media Networks along with a slight miss in the company's merged consumer licensing/interactive business.
    • BTIG's Rich Greenfield noted on CNBC that while Star Wars results have been fantastic, Disney is still very much a media networks company more than a content company.
    • Guggenheim also went to the low side, trimming its fair value target to $96. Others cut targets but remaining in triple figures: FBR maintained its Outperform rating but cut its target to $101, while JPMorgan Chase (also Overweight) reduced its target to $118. Nomura trimmed its target slightly, to $110 from $115.
    • Previously: Disney call: 'Star Wars' soars; ESPN pessimism 'more dire' then deserved (Feb. 09 2016)
    • Previously: Disney now down 3.2% after 'Star Wars' pushes record quarterly earnings (Feb. 09 2016)
    | Wed, Feb. 10, 10:42 AM | 12 Comments
Company Description
The Walt Disney Co. together with its subsidiaries and affiliates is a diversified international family entertainment and media enterprise. It operates through five business segments: Media Networks, Parks & Resorts, Studio Entertainment, Consumer Products and Interactive Media. The Media... More
Sector: Services
Industry: Entertainment - Diversified
Country: United States