Stock tanks on earnings warning
Disney wasn’t the happiest place on earth https://www.canadagoose-online-shop.co.uk for investors Thursday and other big media stocks weren’t exactly magic kingdoms either. Shares of Disney (DIS) canada goose factory sale fell more than 4% after CEO Bob Iger said at a Bank of America media conference that the company’s earnings were likely to be flat this year. Wall Street had previously expected a 3% Canada Goose sale increase canada goose coats on sale in profit from a year ago.
Disney’s stock, which was down slightly last year, is now lower for this year, canada goose too.
Iger expressed optimism that the company’s Canada Goose Online theme park business, which accounts for more cheap canada goose uk than a third of Disney’s overall revenue, would continue to do well.
Investors are nervous about the potential impact of Hurricane Irma on Disney World in Orlando, however. Disney has also been hurt by concerns canada goose clearance about the health of ESPN, which has canada goose coats been losing subscribers.
A lackluster year at the box office has buy canada goose jacket also hurt big media companies, canadian goose jacket although Disney has had some big hits, Canada Goose Outlet and “Star Wars Episode VIII: The Last Jedi” is due out in December.
Disney wasn’t the only media giant with bad news Thursday. Comcast (CMCSA), which owns Canada Goose Jackets NBCUniversal and DreamWorks Animation as well as a cable empire, plunged 5%, too.
A Comcast canada goose black friday sale executive warned Canada Goose Coats On Sale (also at the Bank of America conference) that it buy canada goose canada goose uk sale jacket cheap expected to lose subscribers to streaming media.
There also canada goose uk shop could be an impact from cable and phone service disruptions due to uk canada goose outlet Hurricanes Harvey and Irma in Texas and Florida two states where Comcast has a big presence.
Related: Hollywood had its worst summer in 20 years. Can fall save it?
Shares of other big media companies, including studio and TV network owners CBS (CBS), Viacom (VIAB), Fox (FOXA) and Discovery Communications (DISCA) also canada goose uk outlet fell Thursday.
So did cable companies Charter (CHTR) and future Time Warner owner AT (T). (CNN is a subsidiary of Time Warner (TWX), and AT deal to cheap Canada Goose buy Time Warner is expected to close later this year.)
But shares of Netflix (NFLX), which many on Wall Street feel has emerged as the biggest threat to traditional media companies, were up slightly Thursday and have gained a stunning 45% this year. the canada goose clearance sale Star Wars franchise) would start to stream exclusively on Disney’s new streaming network in 2019.
Many in Hollywood and on Wall Street expected that would be the case after the House of Mouse announced plans Canada Goose online to create its own streaming media service earlier this year. Iger made it official.
Still, investors seem more canada goose store concerned about the ability of Disney and other traditional media companies to keep profiting from content. Netflix is increasingly producing its own hits and is less reliant on Disney and other canada goose uk black friday studios.
The same can be said for Amazon (AMZN), which has several popular shows streaming for subscribers to its Prime Instant Video service. Apple (AAPL) is emerging as a threat to Hollywood, too.
To that end, the Hollywood Reporter said earlier this week that Apple and Amazon may bid for the film rights for the next batch of James Bond movies. MGM is seeking a new studio partner for the 007 movies.
Related: Box office slump hurts the big movie theater chains uk canada goose too
Time Warner’s Warner Bros., NBCUniversal, Fox and Sony which had the previous Bond deal are Canada Goose Parka also said to be in the running.
So it’s pretty clear that the mainstream media industry is in flux and investors are apprehensive.
And Disney has a big unique problem: Iger won’t be CEO forever. He recently extended his contract. But he can’t keep doing that indefinitely. There may be a last Jedi, but Iger won’t be the last Disney CEO.