Disney earnings were better than expectations, thanks to strength at the TV networks and theme parks, but revenue fell short, in part on lower ratings at ESPN. Stocks fell. Bobbi Rebell reports.
Disney reporting better-than-expected earnings after the closing bell, though revenue fell short of forecasts. Ad revenues at ESPN fell because of lower ratings and rates. Etsy earnings beat forecasts, but investors were disapopinted by a warning that foreign exchange rates could hurt sales growth. Apple shares' drop to a six-month low dragged the major indices down. Oil prices bounced back, helping soften the blow. JPMorgan Chase senior economist, Jim Glassman, says, oil prices may be near a bottom. SOUNDBITE: JIM GLASSMAN, SENIOR ECONOMIST, JPMORGAN CHASE (ENGLISH) SAYING: "My guess is we're going to see prices sort of stabilize in this area for a little while. And, I think, it might take a couple of years, but, I think, slowly, move back towards something higher." Apple was the Dow's leading decliner in active trading. The iPhone maker denied a report that said, it plans to sell mobile services directly to consumers. Lifting the S&P 500 as its top gainer: Baxalta. Britain's Shire made an unsolicited bid for the U.S. drug maker. Earnings results were mixed. Coach's purchase of Stuart Weitzman helped the handbag maker's profit and sales beat forecasts. Coach shares reversed some of their 16 percent loss this year. Allstate shares were all red. Profit plunged, falling far shy of analysts' targets. The home insurer paid out more in claims. In economic news, strong demand for aircraft helped factory goods orders rebound in June. Stocks were mixed in Europe. Disappointing earnings news and weak oil prices sent shares mostly lower.