Disney Falls Almost 11 Pct on Profit Fall - Washington Post, 8/2/01

[Lani]

Disney Falls Almost 11 Pct on Profit Fall - Washington Post, 8/2/02

Goldman Sachs downgrades Disney stock from "trading buy" to "market outperform" today.

Shares of Walt Disney Co. stock tumbled sharply on Friday (to $15.31, up from a low of $14.91 earlier today) to their lowest levels in nearly eight years after it posted weak third quarter results from poor attendance in its theme park, as well as poor performance of both its TV and movie divisions. In addition, Disney warned that it expects conditions to worsen.

"We're all looking at Disney's numbers and particularly what they said about weakness in the current quarter and it's got the investment community spooked about a decline in demand overall," Bear Stearns analyst Jason Ader said, noting that other leisure stocks were being dragged down by Disney.

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