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Stock Market & Financial Investment News

News Breaks
March 5, 2014
07:45 EDTDISDisney price target raised to $95 from $85 at Bernstein
Bernstein increased its price target on Disney as the firm views the company's free cash flow multiple as compelling. Bernstein contends that Disney's management has a strong record of effectively creating value by using its capital for a variety of purposes, including share buybacks and dividends. It keeps an Outperform rating on the shares.
News For DIS From The Last 14 Days
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November 12, 2014
11:44 EDTDISSeaWorld sinks to 52-week low after Q3 profit, attendance fall
Shares of theme park and entertainment company SeaWorld (SEAS) are plunging after the company’s profit, attendance and adjusted EBITDA all fell significantly on a year over year basis. The also forecast fiscal year 2014 revenue and adjusted EBITDA to be down from last year. WHAT'S NEW: This morning, SeaWorld reported Q3 adjusted earnings per share of $1.01, missing analysts' $1.13 consensus by 12 cents. Revenue for the quarter was $495.84M, compared to analysts' consensus estimates of $495.4M. Adjusted EBITDA in the quarter was $209.1M, a decrease of $45.3M, or 18%, compared to the third quarter of 2013. Attendance in Q3 ws 8.4M, down from 8.9M a year ago. The company believes the decline in attendance results from a combination of factors including negative media attention in California along with a challenging competitive environment, particularly in Florida. The competitive challenges in Florida relate to significant new attraction offerings at competitor destination parks, along with a delay in the scheduled opening of one of the company's new rides at its Busch Gardens Tampa park. The decrease in total revenue in the third quarter was primarily driven by a 5.2% decline in attendance, along with a 2.9% decline in total revenue per capita from $60.74 in the third quarter of 2013 to $58.99. WHAT’S NOTABLE: Looking ahead, SeaWorld forecast FY14 revenue and adjusted EBITDA to be down 6%-7% and 14%-16%, respectively. The FY14 revenue consensus ahead of the company's report was $1.37B. The company also said it expects to take a restructuring charge of up to $13M in Q4 related to its cost reduction initiatives. The company sees FY14 capital expenditures to be in the range of $155M-$165M and fiscal year 2015 CapEx to be in the range of $185M-$195M. Jim Atchison, the company's Chief Executive Officer, noted that the attendance trends the company experienced in the latter part of the second quarter continued into Q3. He called 2014 a “challenging year,” and said the company was executing a cost savings plan that is expected to deliver approximately $50M of annual cost savings by the end of 2015. He also said the company was adjusting its attraction and marketing plans to address immediate top-line concerns. PRICE ACTION: In late morning trading, SeaWorld fell $2.24, or 12.04%, to $16.36 on more than twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $16.53. Including today's pull back, the shares have lost approximately 48% over the past 12 months. OTHERS TO WATCH: Other companies in the theme park space include Disney (DIS), up 0.03%, Six Flags (SIX), down 0.16%, and Cedar Fair (FUN), up 0.76%.
10:43 EDTDISBernstein downgrades Discovery, Viacom, citing 'structural decline' in TV
Research firm Bernstein sees strong evidence that audiences of ad-supported TV have entered a period of "structural decline." The firm cut its rating on Discovery (DISCA), the owner of the Discovery Channel and Animal Planet cable stations, and Viacom (VIA,VIAB), which owns MTV and and Nickelodeon. The firm also cut its price target on CBS (CBS). WHAT'S NEW: Noting that audiences for ad-supported TV have fallen by unprecedented amounts for four months, Bernstein analyst Todd Juenger added that consumption of subscription video on demand, or SVOD, services continue to grow. Meanwhile, TV networks are seeing increased competition from Internet websites for ad dollars, limiting the ability of the networks to raise ad prices, Juenger stated. The profit margins and return on investment of content owners are likely to decline over time, the analyst believes. He downgraded Discovery to Market Perform from Outperform and set a $37 price target on the stock, and cut Viacom to Underperform from Market Perform, placing a $71 price target on that stock. Juenger reduced his price target on CBS to $55 from $60 and kept a Market Perform rating on the shares. He kept Outperform ratings on 21st Century Fox (FOXA), Disney (DIS), and Time Warner (TWX), saying that those are least affected by the trend, as they are less dependent than their peers on the American TV ad market and have a large amount of sports programming. PRICE ACTION: In mid-morning trading, Discovery lost 0.6% to $31.81, Viacom class A shares gained 0.6% to $70.09, CBS fell 0.7% to $51.48, Twenty-First Century Fox class A shares lost 0.5% to $34.75, Time Warner fell 0.5% to $77.69 and Disney was flat near $90 per share.
07:51 EDTDISDisney trades at a premium despite low forward growth, says Cowen
Cowen raised its price target on Disney shares to $83 from $75, but reiterated its Market Perform rating on Disney shares, citing the stock's premium trading valuation despite the lowest forward earnings growth of its peer group. The firm also cited higher sports programming costs, as well as difficulty envisioning outperformance to current estimates.
November 11, 2014
18:19 EDTDISCBS, Disney look to block FCC Comcast merger disclosures, Bloomberg says
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November 10, 2014
15:57 EDTDISWorldwide Business Research to hold a conference
ProcureCon for Digital & Marketing Services 2014 is being held in San Antonio on November 11-13.
November 9, 2014
16:36 EDTDISDisney's 'Big Hero 6' comes out on top at box office, Bloomberg says
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November 7, 2014
18:00 EDTDISDisney still remains a Buy, Barron's reports
Despite falling modestly after posting slightly better than expected fourth quarter results, Disney remains a buy, Barron's reports. The company's long term growth prospects are excellent, underpinned by robust Park attendance trends, a strong movie lineup, and technology leadership, Barron's added. Reference Link
16:24 EDTDISOn The Fly: Closing Wrap
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12:20 EDTDISOn The Fly: Midday Wrap
Stocks on Wall Street opened in relatively quiet fashion and trading has remained that way throughout the morning. The highly anticipated nonfarm payrolls report showed fewer than expected jobs were added last month, but the figures from the prior two months were also upwardly revised. The market has moved in a narrow range and for the most part has remained near the flat line, with the S&P and Dow little changed and the Nasdaq lagging near noon. ECONOMIC EVENTS: In the U.S., nonfarm payrolls rose 214K in October, which was below the consensus estimate for 235K jobs to have been added. However, back revisions boosted September's job gain to 256K from the 248K previously reported, while August's prior 180K reading was pushed up to 203K. The unemployment rate slid to 5.8% from 5.9%, its lowest level since July 2008. Later this afternoon, the Federal Reserve Board’s report on consumer credit growth in September is expected, with total credit projected to grow $16B. COMPANY NEWS: Shares of Disney (DIS) led all decliners on the Dow, as the stock fell 2.5% after the company reported earnings and revenue for its fourth quarter that were nearly in-line with consensus estimates. Along with its report, the company confirmed 2015's Star Wars movie will be entitled "The Force Awakens" and announced plans for another sequel in the "Toy Story" franchise. MAJOR MOVERS: Among the notable gainers was ChannelAdvisor (ECOM), which rose 46% after delivering generally in-line Q3 results, giving better than expected fiscal year revenue guidance and announcing the acquisition of U.K. based E-Tale Holdings. Also higher were shares of Sears Holdings (SHLD), which jumped 26% after the company disclosed it is actively exploring a REIT transaction involving 200-300 owned properties through a rights offering to shareholders. Among the noteworthy losers was Salix (SLXP), which plunged 36% and was downgraded by at least four firms after the company reported worse than expected Q3 results, gave lower than expected guidance and announced its CFO had resigned amid the company revising its view of the current inventory levels for its drugs. Also lower were shares of Intercept Pharmaceuticals (ICPT), which fell 33% after results from the FLINT trial evaluating obeticholic acid, or OCA, for the treatment of nonalcoholic steatohepatitis, or NASH, were published in The Lancet. Oppenheimer said it believes that data disclosed last night was in-line with previous data from Intercept, but that a Bloomberg story "cherry picked" negative aspects of the data, contributing to the share decline. INDEXES: Near midday, the Dow was virtually unchanged at 17,555.12, the Nasdaq was down 13.72, or 0.3%, to 4,624.75, and the S&P 500 was up 0.42, or 0.02%, to 2,031.63.
08:11 EDTDISOptions expected to be active
Options expected to be active @ CBOE: DIS FSLR RIG RMTI SLXP ZNGA PBR SHLD CP CSX NSC NVDA FSLR
08:01 EDTDISMylan signs alliance agreement with Disney Parks to enhance EpiPen access
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November 6, 2014
18:39 EDTDISOn The Fly: After Hours Movers
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16:21 EDTDISDisney slips after results, levels to watch
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16:18 EDTDISDisney reports Q4 Cable Networks operating income down $10M to $1.3B
Disney said Q4 operating income at Cable Networks decreased $10M to $1.3B. Lower operating income was driven by a decrease at ESPN and the international Disney Channels, partially offset by an increase at the domestic Disney Channels. It added, "The decrease at ESPN was due to higher programming costs, partially offset by higher affiliate and advertising revenue. The increase in programming costs was driven by contractual rate increases for Major League Baseball, NFL and college football rights, the airing of World Cup soccer and new college football rights. Higher affiliate revenue reflected increased contractual rates and subscribers, taking into account subscribers for the new SEC Network, while the increase in advertising revenue was due to increased units delivered and higher rates, partially offset by lower ratings."
16:17 EDTDISDisney reports Q4 Media Networks revenue $5.2B vs. $4.95B last year
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16:16 EDTDISDisney reports Q4 EPS 89c, consensus 88c
Reports Q4 revenue $12.39B, consensus $12.37B.
15:27 EDTDISNotable companies reporting after market close
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15:03 EDTDISDirecTV says need to offer smaller TV bundles versus a la carte options
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13:34 EDTDISEarnings Preview: Disney shares up almost 6% since last earnings report
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12:58 EDTDISDisney November weekly 92 straddle priced for 2.1% move into Q3
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