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Disney Tumbles After Bob Iger Cuts Outlook

Once upon a time, Disney used to be the hedge fund world's media darling. Not today, however, when at the BofA Media Communications Conference in New York, Disney CEO Bob Iger slashed the company's outlook and said earnings in 2017 will be "roughly in line" with last year, sending the stock tumbling as much as 3.9%. The entertainment giant, which has been under pressure to improve profit at its TV business amid criticism it failed to anticipate the competitive threat posed by Netflix and overpaid for sports rights for its ESPN cable network, was expected to post EPS growth of 3.
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