The stock market meandered around unchanged last week. My Dow portfolios rose a little bit while my individual stocks slipped a little. We’re in a holding pattern in front of what I still believe will be a firm rally over the next couple of months. A holding pattern at a 17% gain in the case of Maxtor is fine by me.
There’s some good news to report on one of my stock suggestions: Disney. From BusinessWeek Online:
Disney reported a 24% hike in net income, to $516 million (25 cents per share), in the quarter ended Sept. 30, vs. $415 million (20 cents per share) in the same quarter last year. The Magic Kingdom also reported full-year earnings of $2.3 billion for the fiscal year ($1.12 per share), vs. last year’s $1.3 billion (62 cents per share). Minus a small tax gain, the $1.08 earnings-per-share number beat the $1.06 First Call consensus. And Disney executives have reiterated that they expect to see double-digit growth in fiscal 2005 earnings. [full story]
I bought Disney at $15 expecting a double. Looks ever more clear that I’m going to get it.
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