Disney’s Stock Slips

Shares in Walt Disney Co. fell by more than $4 on Wednesday, the day after the company missed Wall Street forecasts on earnings. The Burbank entertainment and media company closed down $4.31, or just more than 4 percent, to $102.29 on the New York Stock Exchange. That is the second-biggest drop for Disney this year. On Jan. 14, the share price went down by $5.21. Wednesday’s decrease followed the company reporting adjusted net income of $1.36 a share in the quarter ended April 2. Analysts on average expected income of $1.40 cents a share, according to Thomson Financial Network Disney’s net income was $2.13 billion ($1.30 cents a share), compared with net income of $2.11 billion ($1.23 cents) in the same period a year earlier. Revenue increased 4 percent to $13 billion. Analysts were looking for revenue of $13.2 billion.