Empty'CASPIAN' a 'failure'
Shares of Disney closed down 0.4% on Tuesday to $33.18 after SMH Capital cut its current-quarter per-share earnings estimate by 2 cents "to account for the failure" of "The Chronicles of Narnia: Prince Caspian." Analyst David Miller said the film has cleared just $166.9 million worldwide so far and should end its global theatrical run at about $475 million, "materially lower that our prerelease projection of $600 million worldwide."
Marvel high on S&P news
Shares of Marvel Entertainment hit a 52-week high of $35.75 in Tuesday trading. The stock finished up 4% at $35.21 after Standard & Poor's said the company will soon replace insurer the Commerce Group in the S&P MidCap 400 index. Commerce is being acquired by Mapfre. The date of the change is yet to be announced. However, stocks that get added to indices tend to be bought by index-focused investment firms.
BLOOMBERG PLANTS SEED
As part of Internet Week, New York City Mayor Michael Bloomberg has unveiled the launch of NYC Seed, a venture fund that will provide financing for new technology companies in the Big Apple. NYC Seed will invest up to $200,000 per company. It is a joint venture of the New York City Economic Development Corp., the New York City Investment Fund, the economic development arm of the Partnership for New York City, Polytechnic University and the New York State Foundation for Science, Technology and Innovation.