Shares of
Walt Disney(DIS) rose in late trades after the Dow component topped Wall Street expectations for its fiscal fourth-quarter results, thanks to strong top-line growth in its media networks and parks and resorts divisions.
The Burbank, Calif.-based company reported earnings of $1.09 billion, or 58 cents a share, for the three months ended Oct. 1 on revenue of $10.43 billion, up 7% year-over-year. Excluding charges related to restructuring and impairment, Disney earned 59 cents a share in the latest quarter.
The average estimate of analysts polled by
Thomson Reuters was for earnings of 54 cents a share in the latest quarter on revenue of $10.36 billion.
"Fiscal 2011 was a great year financially and strategically, demonstrating the strength of our brands and businesses with record revenue, net income and earnings per share," said Robert Iger, the company's president and CEO, in a statement. "We are confident the Company is well-positioned to deliver long-term value for our shareholders with our focus on quality content, compelling uses of technology and global asset growth."
The stock was last quoted at $35.60, up 5.5%, on volume of more than 575,000, according to
Nasdaq.com.
Disney's media networks business saw a revenue increase of 9% in the latest quarter to $4.8 billion, while its parks and resorts unit booked an 11% year-over-year gain to $3.2 billion. These performance offset an 8% decline in the company's studio entertainment business.
The consumer products and interactive media businesses saw healthy year-over-year rises of 12% and 19% respectively but off much lower bases.
Free cash flow, however, declined from la! st year, totaling $3.4 billion in the most recent quarter vs. $4.5 billion last year.
E*TRADE Financial
Shares of
E*TRADE Financial(ETFC) lost ground late Thursday after the online broker said it plans to stay the course as an independent company following the completion of a strategic review.
The stock was last quoted at $8.99, down 5%, on volume of more than 1.1 million, according to
Nasdaq.com.
"Following this review by our Board, the management team will continue to execute on our strategy designed to create value for both our stockholders and our customers," said Steven Freiberg, the CEO and interim chairman of the company. "We will remain focused on delivering the best investing experience to our customers, strengthening our brokerage business, continuing to improve the performance of our loan portfolio and enhancing our franchise."
E*TRADE began the review in early August, and had considered a possible sale. Goldman Sachs(GS) acted as the company's independent advisor in the process.
The company said it plans to follow the decision of its board, which was consistent with Goldman's recommendation, that: "the continued execution of the company's business plan is currently the best alternative for increasing stockholder value."
Based on Thursday's regular session close at $9.48, E*TRADE shares are down more than 35% so far in 2011.
Other stocks active in late trades included
NVIDIA(NVDA), which advanced more than 5% after the graphics chip maker delivered an above-consensus quarterly profit; and
Brooks Automation(BRKS), which lost more than 4% after falling short with its fiscal fourth-quarter results.
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