Today’s Research Reports on Stocks to Watch: Walt Disney Company and AT&T
Disney and AT&T shares entered red territory on Thursday. AT&T revealed some bad news for traders about its third quarter which included an impact of almost $90 million due to the hurricanes and earthquakes in Mexico. Disney also revealed it would be cutting about 200 jobs.
RDI Initiates Coverage on:
The Walt Disney Company
The Walt Disney Company shares closed down 1.64% on about 11 million shares traded yesterday. According to someone familiar with the situation, the company will be lashing around 200 jobs at its ABC unit as well as other cable networks. The source did say that no job cuts will be at ESPN however. It was also revealed that Disney, along with Universal Pictures, 20th Century Fox, and Warner Bros. Entertainment have launched a movie library app called Movies Anywhere that has over 7,300 films. The new movie app and website will allow users to buy and store movies from iTunes, Amazon Video, Google Play and Vudu. Users will be able to play the movies across a number of devices. Movies Anywhere General Manager Karin Gilford in a statement through Disney said that viewers will "never have to remember where they purchased a film or which device they can watch it on, because all of their eligible movies will be centralized."
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AT&T Inc. shares closed down 6.10% on Thursday on nearly 82 million shares traded. It was a gloomy day for the company and its stock after AT&T revealed in a filing that, "devastating hurricanes, as well as earthquakes in Mexico, significantly impacted certain regions of our service area during the third quarter.” According to the company, these damages from these natural disasters will result in an impact on revenue of nearly $90 million and pre-tax earnings by about $210 million for the quarter. The company also said it had lost around 90,000 video subscribers in the U.S. during the quarter, indicating that the cord cutting of traditional TV is continuing. The drop in this quarter is worse than the drop the company saw in the same quarter from a year ago.
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Our Actionable Research on The Walt Disney Company (NYSE: DIS) and AT&T Inc. (NYSE: T) be downloaded free of charge at Research Driven Investing.
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