Disney Drops on Iger Comments

Shares of Walt Disney Co. dropped more than 4 percent Thursday after Chief Executive Robert Iger said the company’s fiscal 2017 earnings would be similar to the previous year’s. Iger, speaking at the Bank of America Merrill Lynch 2017 Media, Communications & Entertainment Conference, said the Burbank entertainment company will report earnings per share this year “roughly in line” with what Disney generated in fiscal year 2016, according to media reports. For fiscal 2016, Disney had adjusted earnings per share of $5.72. Analysts on average are expecting earnings of $5.88 for the current fiscal year that ends Sept. 30, according to Thomson Financial Network. Shares in Disney (DIS) ended the day down $4.44, or about 4.4 percent, to $97.06 on the New York Stock Exchange.