Walt Disney Co. (DIS)turned in better-than-expected results after the close and the figures gave investors and traders the green light to push shares higher. The company said adjusted fiscal fourth-quarter earnings came in at 46 cents a share, above the Thomson Reuters’ consensus forecast for 41 cents a share. Revenue rose 4% to $9.87 billion, topping the estimate for $9.31 billion.
Improved results at cable network ESPN and syndication sales of Grey’s Anatomy and Desperate Housewives, were a big reason that they had an 18% rise in quarterly profit, to $895 million, or 47 cents a share.
This should give a boost to the markets in the morning as they struggled all day today, as the Dow Jones broke the 6 day winning streak. The banking and energy sectors led the way downwards. The $SPX was unable to hold the 1100 level. The markets needed to take a breathe as many participants were uncomfortable buying at these levels.
At Keystone, we are still in a buy the dips mode. There is going to be alot of opportunity from both the long and short sides of the market as traders and investors try to determine, if “we have gone to far, or “is this just the beginning of the next, bull market”. We must always trade with no opinion and just let the order flow determine our trade ideas.
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