Digest: DWA surges on buyback
EmptyShares of DreamWorks Animation rose 9.3% to $25.09 on Tuesday, one day after the firm announced a share-repurchase program. DreamWorks' board on Monday authorized the program to buy back $150 million of the company's outstanding shares of Class A common stock. Stifel Nicolaus analyst Drew Crum said the buyback reflected confidence by DreamWorks regarding "cash collections" related to its "Shrek the Third" DVD, released Nov. 13 in the U.S. into a highly competitive fourth quarter for home video releases. DWA led Tuesday's gainers on The Hollywood Reporter's Showbiz 50 stock index.
H.K. Disneyland falls short
Hong Kong Disneyland failed to meet its visitor-attendance target for the second year running, a park official said Tuesday. The Hong Kong government -- which holds a majority stake in the $3.5 billion park -- said Monday that visitor numbers tumbled to slightly more than 4 million in its second year of operation from 5.2 million a year ago, which was 400,000 short of its target that year. It never announced a target for its second year. The government has balked at putting more money into the theme park until it turns a profit. The park is 57% owned by the Hong Kong government and 43%% owned by Disney.
Best Buy Q3 profit soars
Flat-panel TV sets and video game consoles helped power Best Buy to a better-than-expected 52% jump in third-quarter profit, the company said Tuesday. Quarterly earnings rose from $150 million a year ago to $228 million. Revenue increased 17% to $9.9 billion, topping the $9.4 billion analysts expected. U.S. revenue rose 15%, while international sales jumped 32%. The entertainment software and home office categories posted the highest sales growth.