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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).