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Disney Earnings Beat Estimates

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Walt Disney

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posted third-quarter earnings that beat analysts' estimates by 4 cents, citing strong gains from its media networks and parks and resorts divisions.

The media giant, famous for its theme parks, movie studios and television networks, earned $240 million, or 11 cents a share, including the company's Internet group. This compares with $85 million, or 4 cents a share, earned in the same period last year. Thirteen analysts polled by

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expected earnings of 7 cents a share for this year's quarter.

Quarterly revenue was $6 billion, up from $5.7 billion in the year-ago period.

Merrill Lynch Thursday downgraded a number of entertainment-sector stocks, including Disney. Merrill reduced its Disney rating to near-term neutral from accumulate, but maintained a long-term-buy rating on the stock.