Disney is reporting its fiscal third-quarter results and the average analysts' view is for earnings of 93 cents a share on revenue of $11.30 billion. One of the best blue chips in 2012, Disney shares have jumped more than 30% since the start of the year with the company delivering a 5% beat in its fiscal second quarter because of the success of
and the strength of the parks and resorts business, which saw year-over-year jumps of 10% in revenue and 53% in segment operating income.
Other companies reporting before the bell include
Church & Dwight
Intercontinental Hotels Group
Marsh & Mclennan
MGM Resorts International
Molson Coors Brewing
After the close, results from
Chiquita Brands International
Learning Tree International
Red Lion Hotels
are slated to hit the tape.
The economic calendar features is barren except for consumer credit for June, due at 3 p.m. ET. The consensus view, according to
, is for a $10 billion increase on the heels of May's surprising $17.1 billion jump.
And finally, shares of Dow components
Johnson & Johnson
(PFE - Get Report)
were coming under some selling pressure following news of the discontinuation of development of bapineuzumab intravenous, a proposed treatment for mild-to-moderate Alzheimer's disease, after a disappointing phase III trial.
The two companies were partners on the drug's development as was
, which has a 49.9% interest in Janssen AI, the J&J unit that was working with Pfizer on the drug. Elan shares were falling more than 8% in late trades to $10.30 on volume of close to 700,000.
Elan said it expects to record a non-cash impairment charge of $117.3 million in the third quarter to write down the entire value of its Janssen AI investment.
Pfizer shares were last quoted at $23.80, down 1.9%, on volume of nearly 200,000, according to
, while J&J's stock was sliding less than 1% at $63.80 on volume of more than 125,000.
was also a big mover to the downside, tumbling more than 10% after the company reported a wider than anticipated loss in the second quarter.
The San Diego-based provider of wireless communications services posted a loss of $46 million, or 54 cents a share, on revenue of $786.8 million, missing the average estimate of analysts polled by
for a loss of 50 cents a share on revenue of $836.3 million.
Written by Michael Baron in New York.
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