Disney shares drop after Pixar delays two films
LOS ANGELES, Sept 19 (Reuters) - Shares of Walt Disney Co fell nearly 2 percent on Thursday, one day after the company delayed the release of two movies from its acclaimed Pixar animation studio, "The Good Dinosaur" and a sequel to 2003 hit "Finding Nemo."
Pushing back "Good Dinosaur" to 2015 removes a major film from the media company's movie slate next year, Wedge Partners analyst Martin Pyykkonen said. The postponement of both movies likely contributed to a decline in Disney shares, he said.
"You have just put a big vacancy in there in fiscal 2014," Pyykkonen said. Disney's fiscal year begins in October.
Disney shares fell 1.9 percent to $65.84 in afternoon trading on the New York Stock Exchange.
"The Good Dinosaur" is now scheduled to reach theaters on Nov. 25, 2015, about 18 months after its original release date in May 2014, Disney said in a statement on Wednesday. The movie is set in a world where dinosaurs and humans co-exist.
"Finding Dory," a sequel to "Finding Nemo," the story of a clownfish searching for his son, was postponed about seven months from its planned debut, to June 17, 2016. The movie had been set for release in November 2015.
The new schedule will make 2014 the first year since 2005 that Pixar has not released a film. The studio's hits include "Toy Story," "Cars" and this year's "Monsters University," which has sold $731 million worth of tickets around the world since its release in June, according to the Box Office Mojo website.
(Reporting by Lisa Richwine; Editing by Eric Walsh)