Wall Street Misreads Disney's Results

5/7 - "Wall St. opened the champagne and passed around the caviar. The Disney theme park business, which analysts view as a proxy for consumer spending, posted a revenue increase of 11% to $2.725 billion.

Of course, no one bothered to read the fine print. Easter moved into the first quarter this year. Last year it was in the second...The total increase in Disney theme park revenue was well under $300 million. Given the shift in Easter, the number was probably closer to flat. That should indicate that consumer spending is at least OK, but only first class fools would think that is true."

"Disney resorts are not something the average man on the street can afford these days. With gas close to $4 a gallon, airlines raising ticket prices to stay out of Chapter 11, and people worried about their jobs, the folks going off to see Mickey are probably well-off compared to ...