The Walt Disney Company (DIS) - NYSE
  • Thu, May 26, 9:27 AM
    • Netflix (NASDAQ:NFLX) is up 3.7% premarket, and Time Warner (NYSE:TWX) up 0.9%, after the two were linked as takeover targets in a story about Apple's (NASDAQ:AAPL) content ambitions.
    • The Financial Times reports that Apple exec Eddy Cue raised the idea of buying Time Warner at a meeting with the company's head of corporate strategy at the end of last year.
    • Those ideas didn't get to Apple chief Tim Cook or Time Warner CEO Jeff Bewkes, sources told the FT, but the story does suggest Apple may not be content just talking about licensing others' content for a future TV service.
    • Meanwhile, several bankers suggest to the FT that Netflix is a more likely target for Apple, since an Apple service could then still support a wider range of content makers.
    • Several media companies would be bad targets for Apple because of dual-share structures that favor founders or family ownership (like Comcast, Fox, CBS, and Viacom). Notable exceptions to that concern are Time Warner and Walt Disney (NYSE:DIS).
    | Thu, May 26, 9:27 AM | 50 Comments
  • Tue, May 24, 7:55 PM
    • Making good on CEO Les Moonves' upbeat projections, CBS (CBS +1.8%) is wrapping up a stellar run on top of the ratings, logging its eighth straight year as the most-watched network overall as well as grabbing demographic coups.
    • It was also the network's 13th overall ratings win in 14 years (Fox (FOX +1.4%, FOXA +1.4%) stole a year in 2007-08 during the writer's strike).
    • With just a few nights left to count, CBS has won adults 18-49 for just the second time in 24 years, with the help of Super Bowl (which helped the last time it did so, three years ago). It's also No. 1 in adults 25-54 for the ninth time in 13 years.
    • Meanwhile, NBC (CMCSA +1%) had the best first-year class, with new drama hits Blindspot and Chicago Med, and had its most-watched season without a Super Bowl or Olympics in nine years. It would have virtually tied CBS in adults 18-49 if not for the Super Bowl.
    • ABC (DIS +0.3%) saw its ratings decline 14% this year, and decline 18% among adults 18-49.
    • Among the big broadcasters in total, though, viewership declined 7% to another record low amid even greater program variety from newer programming/digital entrants.
    | Tue, May 24, 7:55 PM | 2 Comments
  • Wed, May 11, 10:33 AM
    • Walt Disney (NYSE:DIS) is off 4.2%, giving up a chunk of the past month's gains (it was up 10.8% since April 12), after yesterday saw the company's first earnings miss in more than two years.
    • Analysts have poured out updates today. Regarding the elephant in Disney's earnings room, ESPN, Piper Jaffray says the network wasn't the reason for weakness, and that ad sales are pacing up there (and scatter pricing is trending 20% above upfront levels at ABC). The firm's Stan Meyers maintains Disney at Overweight with a $120 price target.
    • Bernstein (Market Perform, $110 price target) suspects the stock may be caught in a range as estimates legged down again. Consumer products missed (though that may be a problem of systematically high forecasting, not a business problem, analyst Todd Juenger says) and a revenue slowdown at Parks may mainly be yield management -- which leaves (undisclosed) domestic affiliate fees as the key worry. They're liable to decelerate again in H2 as Time Warner Cable and Charter merge, Juenger says.
    • Deutsche Bank acknowledged a tough quarter but noted guidance wasn't as bad as it looked at first. Advertising outlook isn't related to the New Year's college football playoff timing that spurred a decline in Q2, and films and parks look like they can outperform expectations. Consumer products missed "pretty materially (18%)," but "Consumer Products & Interactive Media is an inherently volatile business from quarter to quarter." It's maintaining a Hold rating and $113 price target.
    • Topeka Capital Markets barely trimmed its price target (to $129 from $130) and rates the stock a Buy. Jefferies Group, meanwhile, reiterated its Hold and cut its price target further, to $92 from $101.05, noting "downside risk to Cable segment EBIT, tough Studio comps (F3Q should be another big quarter), and a deceleration in domestic Park EBIT growth in F17 and beyond."
    | Wed, May 11, 10:33 AM | 16 Comments
  • Wed, May 11, 9:12 AM
    | Wed, May 11, 9:12 AM
  • Tue, May 10, 5:43 PM
    • Last summer, with trouble brewing at ESPN, Walt Disney (NYSE:DIS) CEO Bob Iger took the subject head-on at the very beginning of the company's earnings call. This afternoon, it's all about the wild success in Filmed Entertainment and upcoming Shanghai park launch that led off a relatively brief set of prepared remarks, rather than the sports network or who takes over for its departed COO (and what that means for Iger's departure).
    • With the call still under way, shares are now down 5.3% in after-hours trade following the earnings miss.
    • Disney became the fastest ever to $1B at the domestic box office -- hitting it last weekend in just 128 days, beating last year's record (Universal, in 165 days), with the help of the all-time fifth-best opening, by Captain America: Civil War.
    • But at ESPN, ad revenue fell 13%. Iger declined to give numbers on over-the-top deals when it comes to Sling TV and Sony, but "we anecdotally were told that after ESPN was included in their package, they saw a very encouraging trend in sign-ups." He added that he doesn't believe getting into Hulu distribution will affect current distribution relationships.
    • As for the surprising exit of Iger's heir apparent, COO Thomas Staggs, Iger says "we're sorry what came to pass," but "I will remind people that I have just over two years left" as CEO, the board is very actively engaged in succession planning, and "I don't currently have any plans to extend beyond the June [2018] expiration date."
    | Tue, May 10, 5:43 PM | 13 Comments
  • Tue, May 10, 5:37 PM
    | Tue, May 10, 5:37 PM
  • Tue, May 10, 5:08 PM
    • Walt Disney (NYSE:DIS) is now down 6.6% after hours as its earnings call gets under way. Along with its earnings miss, the company is shuttering its videogame publishing unit.
    • Disney is taking a $147M charge against earnings to put an end to its Infinity-branded "toys-to-life" console business.
    • Revenues in Consumer Products and Interactive Media, a division which the company merged last year, had fallen 2% this quarter to $1.19B.
    • The company launched Infinity in summer 2013, following on success by Activision Blizzard and its Skylanders toys-to-life products, and promised to fill it with buyable characters from Disney animation, Star Wars and Marvel properties.
    • Updated: Disney says it will still release Infinity playsets/characters for Alice Through the Looking Glass and Finding Dory later this month and in June.
    | Tue, May 10, 5:08 PM | 16 Comments
  • Tue, May 10, 4:26 PM
    • Walt Disney (NYSE:DIS) is sliding after hours, now down 6.3%, following its first miss on earnings in more than two years.
    • The company fell short of expectations on revenues as well as profits, which grew just $35M to $2.1B total, as the film division is going gangbusters but its biggest business (Networks) was flat in revenue thanks to cable declines, and consumer products sales fell.
    • Revenues by segment: Media Networks, $5.79B (down fractionally); Parks and Resorts, $3.93B (up 4%); Studio Entertainment, $2.06B (up 22%); Consumer Products and Interactive Media, $1.19B (down 2%).
    • Operating income grew in all segments except Consumer Products and Interactive Media, where it dropped 8% to $357M. Operating income grew 9% in Media Networks, to $2.3B.
    • Conference call to come at 5 p.m. ET.
    • Press Release
    | Tue, May 10, 4:26 PM | 104 Comments
  • Mon, Apr. 25, 7:45 PM
    • Disney (DIS +0.8%) has teamed up with Nokia (NOK -2.6%) to set its course for virtual reality.
    • The entertainment giant has a multi-year deal to use Nokia's OZO 360-degree cameras for varying vectors from its films to its marketing materials, and it even used them to make VR extras for The Jungle Book.
    • The cameras can help fill a well of content that could be used to keep Facebook's Oculus Rift and the HTC Vive humming. Nokia introduced the $60,000 OZO in November, though rivals that could include GoPro, Lytro and Jaunt may be following up soon with competing models.
    • Now read Nokia: It's A Yield Play »
    | Mon, Apr. 25, 7:45 PM | 18 Comments
  • Tue, Apr. 19, 7:53 PM
    • With college basketball putting away the equipment after its tournament, Fox News (FOX -0.1%, FOXA -0.3%) reclaimed the top spot in prime-time cable ratings from TBS (TWX -0.5%), drawing 1.8M viewers on average.
    • TBS and HGTV (SNI -0.5%) tied for second place with 1.5M viewers, while Turner's TNT tied with ESPN (DIS +1.1%) for fourth, with 1.4M.
    • On the all-day basis, Nickelodeon (VIA -7.1%, VIAB -8.3%) was in a familiar spot at the top, with 1.1M viewers, ahead of Fox News, Adult Swim, Disney Channel and HGTV (though Viacom investors' eyes are on tense negotiations with Dish Network). And ESPN took the adults 18-49 demographic with 734K viewers.
    • Zombies are still killin' it for AMC Network (AMCX -0.6%), as Fear the Walking Dead was cable's top show for the week, with 5.5M viewers topping CNN's Democratic Debate with 5.4M and TNT's Memphis/San Antonio NBA playoff game, with 3.9M.
    • Now read Viacom: Opportunity Hidden In A Soap Opera »
    | Tue, Apr. 19, 7:53 PM | 23 Comments
  • Mon, Apr. 18, 2:43 PM
    • Disney (NYSE:DIS) stock is still riding high today, +3%, after a triumph at the weekend box office with a reimagining of The Jungle Book.
    • The film crested $103M to easy surpass another debut, Barbershop: The Next Cut (TWX +1.1%), which took the No. 2 spot with $20.2M.
    • The Jungle Book (which opened slightly ahead overseas) added $189.9M in a foreign take to make an impressive worldwide total of $293.5M.
    • Earlier, Pivotal Research upgraded Disney to Buy and gave a 17% boost to its price target for the stock.
    • The success of Warner's Batman v Superman: Dawn of Justice is still front-loaded, as that film fell off another 61% in its fourth week to $9M and the No. 4 spot. It's earned $311.3M domestically and $829.3M worldwide, however.
    • As for Universal (CMCSA +1%), a heavily watched studio after its dominant 2015, The Boss slid 57% in its second week to finish third with $10.2M. It's a big drop for a Melissa McCarthy film, but for a film that's been plagued by poor reviews.
    • Now read Debugging The Disney Misconceptions »
    | Mon, Apr. 18, 2:43 PM | 40 Comments
  • Mon, Apr. 18, 10:01 AM
    • Walt Disney (NYSE:DIS) has popped 2.4% in the first minutes today after an upgrade by Pivotal Research, and following another in a string of strong box office debuts.
    • Pivotal upgraded to Buy from Hold, and raised its price target from $104 to $121 -- implying 22.7% upside from Friday's closing price.
    • The company's reboot of The Jungle Book overwhelmed box-office competitors over the weekend, drawing $103.6M after opening in more than 4,000 theaters -- more than $83M more than its nearest film competition.
    • Last week, JPMorgan Chase reiterated its Buy rating and $118 target on shares.
    • Now read Disney Park Activist Play With 200% Return Potential »
    | Mon, Apr. 18, 10:01 AM | 19 Comments
  • Wed, Apr. 13, 5:45 PM
    • Walt Disney (NYSE:DIS) gained 2.2% and hit its highest point this month on no particular news, but on a day when it rolled out a lengthy clip from animation anchor Finding Dory to wrap a presentation at CinemaCon.
    • The studio showed the first 27 minutes of the sequel to 2003's Finding Nemo, along with a number of recent trailers (Rogue One: A Star Wars Story, The BFG, Doctor Strange) and the finished Captain America: Civil War film.
    • Distribution chief Dave Hollis also voiced support for the traditional theatrical window ("Our commitment ... has never, ever been stronger") in the face of window-busting strategies including Sean Parker's The Screening Room, which offers a $50 price to see a movie in-home at the same time as its theatrical release.
    • The company's reboot of The Jungle Book is likely to do strong business in its U.S. debut this weekend.
    • Now read Disney Is In Good Hands »
    | Wed, Apr. 13, 5:45 PM | 28 Comments
  • Tue, Apr. 5, 3:29 PM
    • Comcast (CMCSA -0.3%) has set a licensing deal with Walt Disney (DIS -1.7%) that will make both library content and new titles available for purchase by Xfinity TV users.
    • The deal covers a wide swath of Disney content, including its eponymous label, Walt Disney Animation Studios (makers of Zootopia), Pixar, Marvel, Lucasfilm, Disneynature and Touchstone Pictures.
    • It's launching with immediate availability of blockbuster Star Wars: The Force Awakens (in standard and high definitions), and the coming weeks will see the offering fill out with classics as well as new Disney releases.
    • Comcast also joins as a participating retailer in Disney Movies Anywhere, a cloud-based "locker" that allows Disney customers to access purchased content across a variety of devices and platforms.
    • Now read Disney's Planned Movie And Theme Park Segments Will Boost Shareholder Returns »
    | Tue, Apr. 5, 3:29 PM | 4 Comments
  • Mon, Mar. 28, 5:09 PM
    • It was a tale of two fortunes at the box office over a U.S. holiday weekend, with Warner Bros. reaping the benefits of a long-awaited superhero launch.
    • Time Warner (NYSE:TWX) rose 3.6% today as a critically panned Batman v Superman: Dawn of Justice still rolled to a $166.1M domestic gross and more than $424M globally. That's almost Warner's biggest domestic opening -- final numbers put it just behind Harry Potter and the Deathly Hallows Part 2 -- and the biggest domestic opening weekend ever in March (passing The Hunger Games' $152.5M).
    • The film's having no trouble selling tickets despite negative reviews: Aggregator Rotten Tomatoes still has the film about 29% positive reaction, and it's drawn an (audience-based) CinemaScore of a flat B -- with a B-minus coming form the males that are making up 62% of the film's clientele.
    • Meanwhile, Hunger Games studio Lions Gate Entertainment (LGF +1.6%) rose today despite a serious drop-off in receipts for its The Divergent Series: Allegiant, which drew just $9.5M in its second week ($46.6M cumulative). The film's proving a letdown, and there's still another sequel in that series, Ascendant, yet to come in summer 2017.
    • Behind the dueling heroes, Zootopia (DIS +0.9%) took second with $23.1M, bringing its domestic total to $240.5M, and a counterprogrammed My Big Fat Greek Wedding 2 (CMCSA +0.1%) logged $18.1M for the No. 3 spot.
    • Previously: IMAX scores big from Batman vs. Superman opening (Mar. 28 2016)
    • Previously: 'Batman v Superman' nails box office record (Mar. 28 2016)
    | Mon, Mar. 28, 5:09 PM | 4 Comments
  • Mon, Mar. 21, 10:08 AM
    • Lions Gate Entertainment (NYSE:LGF) is off 3.1% after Allegiant -- its latest hope for young-adult franchise success -- faded over the weekend in the face of Zootopia.
    • Expected to compete with Zootopia (NYSE:DIS) for the box office lead, Allegiant (the latest in the Divergent series) grossed $29M for the No. 2 spot. Zootopia's $38M gave it its third straight weekend on top.
    • Allegiant's flat weekend led Stifel Nicolaus to downgrade LGF shares, to Hold from Buy. The Divergent series has been heavily watched by investors looking to see whether Lions Gate will duplicate its successes from its Twilight and The Hunger Games film series. Last week, Macquarie had reduced its price target on Lions Gate to $31 (maintaining its Outperform rating); shares are trading currently at $21.92.
    • For its part, Zootopia has a cumulative domestic gross of $201.8M and a worldwide total of $591.7M.
    • Allegiant did outpace the other wide-release newcomer, Miracles from Heaven (NYSE:SNE), which fell into No. 3 with $15M, just ahead of 10 Cloverfield Lane (VIA, VIAB) with $12.5M and Deadpool (FOX, FOXA) with $8M in its sixth week.
    | Mon, Mar. 21, 10:08 AM | 4 Comments
Company Description
The Walt Disney Co. 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 Networks segment is comprised of a domestic... More
Sector: Services
Industry: Entertainment - Diversified
Country: United States