Digest: Disney jumps 5%; Napster improves
EmptyDisney jumps 5%
Disney shares rose 5% on Wednesday as investors feted the company's strong latest quarterly earnings from late Tuesday. The stock ended up $1.43 at $31.50 after going as high as $32.18 intraday. Disney, run by CEO Robert Iger, has seen its stock trade between $26.30 and $36.79 during the past year.
Napster reported record fiscal third-quarter revenue of $32.8 million on Wednesday, up 15% from the same period a year ago, though the company still lost money. The online seller and renter of music narrowed its loss from a loss of $9.5 million last year to $2.8 million. The company ended the quarter with 743,000 paid subscribers, losing about 1% from the fiscal second quarter. The stock, which was down 5% in regular trading to $1.73, was little changed in after-hours trading when its financial results were released.
Sinclair Broadcast Group shares rose 5% on Wednesday to $9.31 after reporting a fourth-quarter profit that dipped 3% as the year-ago period benefited from a large gain from asset sales. The TV station company's net income fell to $13 million, but income from continuing operations increased from $10.1 million to $11.2 million. The quarter included a $17,000 gain from asset sales compared with a $408,000 gain in the previous year. Revenue for the period climbed 1% to $198.1 million, surpassing the average Wall Street estimate of $190.2 million.