DISNEY NUMBERS UP -- BUT FOR JUST HOW LONG?

     Disney reported new highs in sales and earnings for the
fourth quarter and the fiscal year that ended September 30.  This
morning's ORLANDO SENTINEL reports Disney said full year sales
grew 20% to $12.1B and net income grew 24% to $1.4B -- or
$2.60/share.  Quarterly revenues grew 16% to $3.1B and earnings
17% to $264M (Christine Shenot, ORLANDO SENTINEL, 11/29).
However, two Wall Street analysts downgraded recommendations of
Disney stock due to concerns over the current six months,
according to this morning's WALL STREET JOURNAL.  Jessica Reif, a
Merrill Lynch analyst, cited "ridiculously tough comparisons" the
company will face during the first two quarters of '96.  Smith
Barney's Jill Krutick cited merger challenges from Disney's
pending acquisition of ABC/Cap Cities (Thomas King, WALL STREET
JOURNAL, 11/29).  PBS's "Nightly Business report" noted the
downgrades to "neutral," causing a drop of 1 1/8 yesterday
("NBR," 11/28).  Krutick cited post-merger "economic sensitivity"
as cause for concern ("Moneyline," CNN, 11/28).