NASCAR Has New Drivers Participation Rules NBCU Reports Rise In Q3 Earnings WTA Revamping Media Platforms Late-Night Shows Focus On World Series MLB Moves Up World Series Game 2 Start AT&T Byron Nelson Will Switch Locations In '18 Cavaliers Receive Championship Rings Fanatics Revealing Details Of NHL Deal Oak View Group Forms Security Consultancy Leiweke, Garber Set For USF Event
UBS Securities analyst Ed Hatch lowered his earnings estimate for Disney stock from $3.15 to $2.96. Merrill Lynch's Jessica Reif cut her profit forecast from $3.10 to $3. The analysts' "shift" has pushed Disney's stock price down $5 since last week. The stock closed yesterday up $1 to $109.75. In N.Y., Phyllis Furman writes, "Despite the downgrades, analysts said yesterday that Disney remains one of the premier entertainment companies whose earnings should grow by at least 16% this year" (N.Y. DAILY NEWS, 6/24). ...SportSite.com, an online sporting goods store, has closed a $5M financing round with venture capital firms J.H. Whitney and Draper Fisher Jurvetson (SportSite.com).
CO-based Schwinn Holdings Corp. announced plans to acquire CA-based GT Bicycles in a deal valued at "about" $180M. Schwinn, a privately-owned company, said it will pay $8 a share for GT's 10 million shares of outstanding common stock, as well as assume $100M of GT's debt. On Monday, GT shares were up $2.375, closing at $7.125 per share on the NASDAQ. GT makes off-road mountain bikes and BMX bikes for young adults (DENVER POST, 6/23). Together, Schwinn and GT "will rival Trek as the largest U.S. bike maker to sell through independent dealers" (DENVER POST, 6/23).