Digest: Fitch upgrades Dis ratings
EmptyFitch Ratings said Wednesday that it upgraded the Walt Disney Co.'s issuer default rating and senior unsecured debt rating from BBB+ to A- on confidence the company has improved its theme park business, grown advertising and ratings at ABC and made improvements at its studio. Fitch warned, however, that those businesses remain cyclical and "hit-driven." Fitch added that the outlook for Disney's ESPN franchise remains strong. About $12.3 billion in consolidated debt is affected by the upgrade. Disney shares rose 2.3% on Wednesday to $35.17.
Yahoo!: WSJ pact, Panama progress
Yahoo! Telemundo said it will provide Spanish-language content from Dow Jones & Co. Inc.'s the Wall Street Journal Hispanic edition to its newly revamped news site. Separately on Wednesday, Yahoo! Inc. chairman and CEO Terry Semel said he was pleased with the progress of a new Web search advertising system launched to better compete with Google Inc. Semel, speaking at a media conference sponsored by Ad Age, said the system, dubbed Project Panama, would show "some very exciting numbers" when Yahoo! releases its first-quarter earnings report. Yahoo! shares rose 3.2% on Wednesday to $31.29.
Adobe stock up in a Flash
Shares of Adobe Systems Inc., the company whose Flash software runs massive amounts of online video, rose 6.3% to $43.30 on Wednesday, a day after executives raised profit guidance and reported a first-quarter profit that exceeded Wall Street expectations. Adobe's Flash is on most browsers and YouTube, and analysts Wednesday were enthusiastic about the upcoming release of the company's Creative Suite 3 software and new editions of Photoshop.