Pursuits
Disney’s Darkened Outlook Leads to Meltdown in Media Stocks
Bloodbath: Disney Drags Media Stocks Lower
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Walt Disney Co.’s darkened outlook dragged down media stocks from Time Warner Inc. to 21st Century Fox Inc. and CBS Corp.
Disney, which through Tuesday had been the top-performing stock in the Dow Jones Industrial Average this year with a record of stellar sales and profit, surprised investors by posting lower-than-estimated quarterly revenue and cutting its forecast for cable-television profit.