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).