Pursuits
Disney Falls as Revenue Misses, Cable Profit Outlook Darkens
Bloodbath: Disney Drags Media Stocks Lower
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Walt Disney Co. fell the most in four years after posting third-quarter sales that fell short of analysts’ estimates and cutting its forecast for cable-TV profit.
Disney, which had been the top-performing stock in the Dow Jones Industrial Average this year, said operating income will be reduced by $500 million next year as a result of the strong dollar. The stock slid 8.4 percent to $111.45 at 9:35 a.m. in New York, and dropped as low as $109.50 in the biggest intraday decline since August 2011.