Stocks to Watch: Disney, Zynga, Time Warner
NEW YORK -- Walt Disney's(DIS) fiscal first-quarter profit dipped slightly but it topped expectations as revenue rose 5% to $11.3 billion.
Disney earned $1.38 billion, or 77 cents a share, in the first quarter, down from year-earlier earnings of $1.46 billion, or 80 cents a share.
Adjusted earnings in the quarter were 79 cents a share, topping the Wall Street estimate of 76 cents a share.
Disney said programming and production costs at its ESPN network rose during the quarter.
Disney CEO Robert Iger, during a conference cal Tuesday, said the entertainment giant was "confident about the year ahead, as well as our ability to create continued long-term growth."
Zynga (ZNGA) topped Wall Street's estimates on Tuesday, posting profit of 1 cent a share on fourth-quarter revenue of $311.1 million. Analysts were looking for a loss of 3 cents a share on sales of $212.1 million.
For the full year, Zynga reported sales of $1.28 billion, up 12% from a year earlier, as daily active users (DAUs) increased to 56 million in the fourth quarter from a year-earlier 54 million. DAUs decreased 6% sequentially from the third quarter to the fourth quarter.
For the first quarter of 2013, Zynga said it expects revenue of $255 million to $265 million, and a loss off 2 cents to 4 cents a share.
Time Warner(TWX) , which owns networks CNN and HBO and the New Line Cinema and Warner Brothers movie studios, is expected by analysts Wednesday to post fourth-quarter earnings of $1.10 a share on revenue of $8.25 billion.
News Corp(NWSA) is expected by Wall Street Wednesday to report quarterly profit of 42 cents a share on revenue of $9.28 billion.
The media company plans to split later in 2013 into a publishing company and a filmed entertainment business.
Drug retailer CVS Caremark(CVS) is forecast to earn $1.10 a share in the fourth quarter on revenue of $31.13 billion.