US stocks fell on Wednesday as weak earnings reports from Walt Disney, Macy's and Fossil reverberated across the consumer sector. Disney shares were down 4.5 per cent at $101.82 after the company posted a rare earnings miss. The stock was the biggest drag on the Dow, accounting for about 33 points of the index's 80 points fall. Department store chain Macy's tumbled 12 per cent to $32.58, while Fossil sank as much as 34 per cent to a six-and-a-half year low of $26.51 after the two companies slashed their full-year forecasts.
By Charles Margolis:
I hope we never lose sight of one thing: it was all started by a mouse. - Walt Disney (October 1954)
Walt Disney Company (DIS) stock is up 50 percent since last October's 52 week low of 29.00 dollars a share. The company reports earnings Tuesday, May 8th 2012.
Space Mountain at Walt Disney World in Orlando is one of the most nostalgic rides in America. Originally conceived by Walt Disney himself, the project was put on hold indefinitely after his death in 1966. The attraction was eventually given the green light in the '70s, and astronaut Gordon Cooper joined the creative team to help make the roller coaster seem more like an actual space flight.
It's a busy week for the market, and not to mention the Dow Jones-dependent Fed, which will have to parse through reports on Chicago PMI, Construction Spending, ISM (Mfg and Services), ADP, Productivity and Labor Costs, Factory Orders, Trade Balance, and the weekly highlight: Friday's Jobs reports.
Recently, several executives participated in insider selling of the stocks of eBay, Starbucks, and Walt Disney. Bidness Etc provides you the details of these transactions.
Alan L. Marks, senior vice president of Corporate Communications, unloaded around 40% of his direct stake in eBay Inc (NASDAQ:EBAY). The insider sold 45,000 shares worth $2,493,468 on January 27. Following the transaction, the executive directly owns 68,023 shares, valued at $3,662,358.
ByFusion Research:Walt Disney (DIS), the largest operator of theme parks and resorts and owner of ESPN, reported total revenue of $11.58 billion up 4% from the previous year in its third-quarter results.