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All's Well in the House of Mouse?


Disney beat by nine cents, talked positive about the future and showed revenue growth just about everywhere...


Greetings from NYC where I've been ducking the flying fruit ever since last night when I had the audacity to be pleased with Disney's (DIS) quarter. The company beat by nine cents, said vaguely positive things about the future and showed revenue growth just about everywhere, including Parks and Resorts.

What's more, Disney CEO Bob Iger came on my television show and did a note-perfect impersonation of a guy leading a great-and-getting-better company through a mushy economy. Like a Bozo, I was pleased. Like an even bigger Bozo, I'm still pleased despite having been assailed for being: a cheerleader, behind the curve, blind to the weak economy and generally clueless.

Listen, Minyans, I like a good negative rant as much as the next guy. Indeed, unless the next guy is Scrooge McDuck, I dare say I enjoy a negative rant much more than the average Joe. But sometimes a company screws me up by doing the right thing. The economy stinks, cable is tough, leisure spending is declining. I wouldn't own any media company that wasn't the industry leader but, for what it's worth, I'm staying long Disney. I'm a sucker for excellence that way. Other thoughts:

  • Ralph Lauren (RL) is showing what happens when a company 45% (!) off it's 52-week highs shows up with better than expected numbers. Good evidence that it's late in the game to be betting against retailers.

  • The Chinese New Year has Al Stewart wedged in my head.

  • Giants fans were coming outta the woodwork in Times Square last night. Based on my personal straw poll, "18-1" edged out "(expletive deleted) GIANTS!!!" as the favored cheer of the faithful.

  • "Retail Sales Expected to be Worst Since 1969". So says the WSJ. The question isn't whether the SSS results will be bad, the question is whether or not the news is in the stocks.
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Position in DIS

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