Disney Shares Jump On Street-Beating Quarter

Shares of Disney(DIS Quote) surged Wednesday on second-quarter earnings that beat Wall Street estimates, as investors chose to focus on the positive in a report that otherwise displayed abysmal results in the movie business and recession-diminished traffic at theme parks.

Disney shares changed hands Wednesday afternoon at $26.03, up $2.88 or 14%, on volume of 39.2 million shares, more than double the daily average.

Barclays, meanwhile, upgraded Disney to overweight from underweight, and hiked its price target on the stock to $32 from $17, arguing that the company is better positioned than its peers to reap the rewards of the ongoing digital evolution of the media business. ...