DISNEY RATING DOWNGRADED.Byline: Greg Hernandez Staff Writer BURBANK - Anticipating a decline in The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co.'s 2002 fiscal earnings, a Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. analyst on Tuesday cut the company's rating from ``market outperform'' to ``market perform'' in its sector over the next few quarters. The lower rating comes just days after the media giant experienced one of its biggest successes of the year: a $62.5 million opening weekend for the animated film ``Monsters Inc.,'' a record debut for an animated film. ``Despite the box office success of 'Monsters Inc.,' 2002 earnings are under particular pressure at Disney World and the broadcasting division,'' Goldman Sachs analyst Richard Time wrote in a research note. Disney will release its fourth-quarter and fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. results for 2001, which ended Sept. 30, after the market closes Thursday. At that time, company executives are expected to provide their first general guidance for the upcoming year. After the Sept. 11 terrorist attacks, Goldman lowered its outlook for Disney's fiscal year 2001 earnings from 78 cents a share to 74 cents a share to factor in the impact of attacks. Goldman also cut its outlook for Disney's fiscal year 2002 to 50 cents a share from 84 cents a share. Disney officials declined to comment on the Goldman Sachs downgrade Tuesday. Also Tuesday, Disney officially shut down its entertainment Web site, Mr. Showbiz, an expected move first announced in August as part of the company's continuing efforts to restructure its Web operations. The restructuring began in January when Disney announced that it would shutter its Go.com Internet Portal and cut 400 jobs. The Mr. Showbiz site, a provider of entertainment and celebrity news and information, now directs users to Web sites for ABC News, ESPN ESPN Entertainment and Sports Programming Network and other Disney properties, said Kim Kerscher, director of communications Director of Communications is a position in the private and public sectors. The Director of Communications is responsible for managing and directing an organization's internal and external communications. for Walt Disney Internet Group The Walt Disney Internet Group (WDIG) oversees several websites owned by The Walt Disney Company and its subsidiaries. [1] The division's Disney Online unit operates disney. . ``We have decided to focus on our core branded sites,'' Kerscher said. Kerscher declined to specify how many jobs were cut as a result of the latest move. Disney stock lost 41 cents, or 2 percent, to close Tuesday at $18.75 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . |
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