Wednesday, October 31, 2012

Stocks In News: The Walt Disney Company (NYSE:DIS), Best Buy Co., Inc. (NYSE:BBY)

Starting from the eighties, people have discussed about how many sequels will be made to the Star Wars movies.  It is said that George Lucas wanted to make nine movies, broken into 3 trilogies spanning over a period of 20 to 40 years.

As if to make this supposed dream come true, The Walt Disney Company(NYSE:DIS) has said that it would make three more movies.  It has bought LucasFilm for $4.05 billion and the next film installment is due in 2015, a decade after the 6th Star Wars movie ‘Revenge of the Sith’, which Lucas had declared to be his last.

However, Lucas has clarified, “This was never planned as a nine-episode work." "The media (pounced when) I made an offhand comment, 'It might be fun to come back when everyone's 80 and do another one of these' But I never had any intention of doing that."

He says that he is now entrusting the franchise to a new generation of filmmakers.  He will however contribute as creative consultant.

Best Buy Co., Inc.(NYSE:BBY) has canceled its analyst meet in New York as the city is suffering in the aftermath of the storm Sandy which has wreaked havoc on the East Coast.  In the now canceled meeting, CEO Hubert Joly was supposed to brief investors about his turnaround plans for the company.

When scheduling the meet, the company had cautioned investors about the fall in its third quarter earnings and same store sales.  It had also said that as part of its management restructuring program, its U.S. business president would leave at the end of the fiscal year.

The company is also waiting for Richard Schulze, the founder and largest shareholder, to decide whether he can put together a buyout bid in his attempts to make the company private.
The new date for the meeting has not yet been announced.

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