Shares of Walt Disney Co. stock surged nearly 6% ($2.07 per share) in
early trading Friday, despite what was initially thought to be a weak
fiscal fourth quarter and news that the company is investigating the
premature release of its earnings results on Thursday.
Disney shares were manhandled in late trading last Thursday when its fiscal fourth quarter results
hit the wires between 15 and 30 minutes early. The stock dipped more
than 4% ($1.50 each) to $35.49 as Thursday's closing bell neared before
rebounding slightly to finish the day at $35.93 each, down 2.9% or $1.03
per share. Adding to the pain was that Disney's fiscal fourth quarter
performance appeared to be poor - revenue and segment operating income
were down by 1% and 7% respectively - which forced some shareholders to
On its conference call with analysts after market close on Thursday, Disney said it was investigating the glitch.