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Disney profits fall sparks cable company shares slide | Disney profits fall sparks cable company shares slide |
(about 11 hours later) | |
(Close): Disney shares closed down 9% after disappointing earnings figures sparking share price falls in rival cable companies. | (Close): Disney shares closed down 9% after disappointing earnings figures sparking share price falls in rival cable companies. |
Walt Disney said subscriber numbers for its sports channel ESPN had dropped. Viewers are moving away from packages offered by cable companies to simpler services and stand-alone streaming. | Walt Disney said subscriber numbers for its sports channel ESPN had dropped. Viewers are moving away from packages offered by cable companies to simpler services and stand-alone streaming. |
Time Warner also fell 9%, despite better-than-expected profit figures. | Time Warner also fell 9%, despite better-than-expected profit figures. |
The Dow Jones shed 0.06% to 17,067 points. | |
The S&P 500 gained 0.31% to 2,099.88 points. The Nasdaq rose 0.67% to 5,139.95 points. | The S&P 500 gained 0.31% to 2,099.88 points. The Nasdaq rose 0.67% to 5,139.95 points. |
Discovery Communications fell 13% after reporting lower advertising sales and a strong dollar for below forecast profits. | Discovery Communications fell 13% after reporting lower advertising sales and a strong dollar for below forecast profits. |
Twenty-First Century Fox were down 7%, CBS down 5% and Viacom shares 7%. | Twenty-First Century Fox were down 7%, CBS down 5% and Viacom shares 7%. |
Barton Crockett, an analyst at FBR Capital Markets, said: "If Disney can get dinged, maybe nobody's safe." | Barton Crockett, an analyst at FBR Capital Markets, said: "If Disney can get dinged, maybe nobody's safe." |
But bucking the trend, Dish Network reported higher-than-expected revenue and profit and shares rose 4%. | But bucking the trend, Dish Network reported higher-than-expected revenue and profit and shares rose 4%. |
Priceline Group rose 6% after the travel company reported profit and revenue that beat analysts' forecasts. | Priceline Group rose 6% after the travel company reported profit and revenue that beat analysts' forecasts. |
First Solar, up 17% and Ralph Lauren, turned an earlier 2.3%, gain into a loss of 1% despite releasing results that pleased investors. | First Solar, up 17% and Ralph Lauren, turned an earlier 2.3%, gain into a loss of 1% despite releasing results that pleased investors. |
Economic data was disappointing. | Economic data was disappointing. |
Private employers hired 185,000 workers last month, according to the ADP National Employment Report. That fell short of economists' forecasts for an increase of 215,000. | Private employers hired 185,000 workers last month, according to the ADP National Employment Report. That fell short of economists' forecasts for an increase of 215,000. |
The report also revised down June's private payroll gains to 229,000 from the 237,000 reported before. | The report also revised down June's private payroll gains to 229,000 from the 237,000 reported before. |
Investors will be looking to Friday's non-farm payroll data. | Investors will be looking to Friday's non-farm payroll data. |
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