After-Hours Earnings: DIS, SBUX, V
Among the major companies reporting after the bell Wednesday, investors cheered Starbucks' decision to cut costs and Visa's rise in transaction fee revenue. But Disney's ad sales slowdown at ESPN had investors wondering when the economic slowdown will hurt its amusement park business.
Shares of Starbucks rose 5 percent in German trading, while Visa rose 3 percent in German trading. Disney shares shed 1 percent.
Full earnings coverage:
Walt Disney said park bookings were flat and it had detected weakness in advertising sales in the current quarter, sparking fears that U.S. economic woes will hit its results.
Credit card network Visa said that quarterly earnings rose 41 percent as fee revenue from international transactions rose. The results were better than Thomson's estimate of 48 cents per share.
Starbuckssaid it would close more stores than it would open next year, sending shares up nearly 5 percent even as it posted its first quarterly net loss since it went public in 1992.