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July 16, 2006
Disney Shares Fall on Analyst Downgrade
Walt Disney Co. shares had their biggest decline in three years after the company was downgraded by CIBC World Markets Inc., which cited slower growth in fiscal 2007 because of lower theme-park attendance and fewer television shows in syndication. Shares of Disney fell $1.21, or 4.1 percent, to close at $28.70 on the New York Stock Exchange, the biggest percentage decline since June 2003. Disney's rating was cut to "sector underperformer" from "sector performer" by CIBC analyst Jason Helfstein, who said he expects the company to report strong earnings growth in the second half of fiscal 2006.
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Walt Disney Co. shares had their biggest decline in three years after the company was downgraded by CIBC World Markets Inc., which cited slower growth in fiscal 2007 because of lower theme-park attendance and fewer television shows in syndication. Shares of Disney fell $1.21, or 4.1 percent, to close at $28.70 on the New York Stock Exchange, the biggest percentage decline since June 2003. Disney's rating was cut to "sector underperformer" from "sector performer" by CIBC analyst Jason Helfstein, who said he expects the company to report strong earnings growth in the second half of fiscal 2006.
Posted By: Figment! @ 10:22 AM | 
