Disney Shares Hit 52-Week High After Strong 4Q Results |
| Wall Street Journal - Nov 13, 2009 |
Walt Disney Co. (DIS) shares hit a new 52-week high Friday on the media giant's better-than-expected fiscal fourth-quarter results and amid optimism for improvements in the advertising environment and the company's film studio.
Disney shares, which are about double their March lows, rose as much as 4.9% to $30.46, surpassing $30 for the first time since October 2008. The stock recently traded at $30.26, up 4.2% on the day.
Deutsche Bank Securites' Doug Mitchelson, who maintained his buy rating on Disney stock, said strong income growth from the cable networks, "well-positioned" international businesses and "excellent" governance create more room for the shares to rise.
Mitchelson also said the company's recent box-office slump should end, given a number of sequels that will hit screens in the current fiscal year, including "Toy Story 3," "Cars 2" and the fourth "Pirates Of the Caribbean" film. The studio entertainment division recorded a second consecutive loss in the fourth quarter.
Read Full Article from Wall Street Journal
- Posted: 2009-11-13 11:12:56
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