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Technology Stocks : Walt Disney
DIS 106.77+2.2%Dec 1 3:59 PM EST
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To: Trevor Quest who wrote (1352)1/6/1999 8:56:00 AM
From: Trevor Quest  Read Replies (1) of 2222
 
"Salomon Smith Barney issues report; Price target $33"

IMO: Just read the report and although I dont think their EPS (.90) is more then a few cents off, it presents a very negative bias.

To recap a few of the pts.
Highlighted as NEG DIS:
1. Poor film results including potential writeoff for "Mighty Joe Young"
2. Poor results at ABC with negative impact from NFL contract.
3. Tough competition in Home Video Sales.
4. Start up costs associated with "Disney Channel Italy"
5. Slugish retail traffic and same store sales
6. Trading at high of P/E avg over the past 10yrs (19-29)
Highlighted Positive:
1. Theme Parks operating income increased.

Thats what the report says - here's what i think.
For a report that is speculating on the year to come, its focus on the negative without any mention of the positive is a joke.

For example; Not a single mention of SEEK or GO.COM.
What about the Disney Cruise Line, ESPN Zone & Starwave?

I could go on but will stop here. Granted, I am long Jan 30 call's that expire in a couple weeks and I want to get out at a profit, but this report reminds me that all the wireless communication systems in the world cant seem to bridge the 3K b/W "Wall Street" and Silicon Valley.

TQ
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