Dow component Walt Disney ( DOW) is slated to deliver its fiscal fourth-quarter results after Thursday's closing bell. The average estimate of analysts polled by Thomson Reuters is for earnings of 54 cents a share in the September-ended quarter on revenue of $10.36 billion. Year-to-date, including a 4% drop ahead of the report during Wednesday's regular session, Disney shares have declined 10%. The stock topped out at $44.34 on March 4 and sank to a 52-week low of $28.19 on Oct. 4, so it's seen a bounce of roughly 20% in the past month or so. At current levels, the shares trade at a forward price-to-earnings multiple of 11.8X based on the fiscal 2012 consensus estimate for a profit of $2.88 per share. Evercore Partners, which has an overweight rating on Disney, lowered its price target on the stock to $40 from $42 on Oct. 30 and also brought its earnings estimate for the quarter down to 54 cents from 57 cents "despite the fact that DIS results rarely match consensus." Indeed, it's been a mixed bag over the past four quarters, two misses and two beats.
Gold prices were falling early Thursday along with the U.S. dollar as panic receded somewhat over a complete meltdown in Italy. The country was able to borrow 5 billion euros for one year at crazy high interest rates of 6.087% but there was demand for the auction. Interest rates were also well off the high for 10 year notes of 7%. The fact that there were lenders out there for Italy eased fears that the European Central Bank would be forced to become the lender of last resort and print money to help save the Eurozone. Gold prices fell on lack of ramped up inflation fears as well as on profit taking as investors had to raise cash after Wednesday disastrous selloff in the market.
Kohl's ( KSS) numbers have arrived and it looks like the department store operator delivered a penny beat on its earnings but sales came in slightly below the consensus view. Perhaps more importantly, the Menomonee Falls, Wis.-based company said it sees earnings of $1.93 to $2.04 a share for the fourth quarter, which compares favorably to the current average estimate of analysts polled by Thomson Reuters for earnings of $1.94 a share in the holiday period. Kohl's shares closed Wednesday at $54.29, essentially flat for 2011. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: firstname.lastname@example.org