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After-hours buzz: Disney, Fossil, Electronic Arts & more

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Check out the companies making headlines after the bell Tuesday:

Disney shares slumped after the entertainment company posted disappointing quarterly earnings, as unexpected parks and media network results offset box-office success.

Disney reported adjusted earnings of $1.36 per share on $12.97 billion in revenue for the latest quarter, versus the $1.40 per share on $13.19 billion in revenue expected by a Thomson Reuters consensus estimate. It was the first earnings miss in five years for the behemoth, whose $7 per share after-hours drop would represent up to 50 points of the Dow Jones industrial average.

Fossil Group's stock plunged after it slashed expectations for future profits. The accessory designer posted earnings of 15 cents per share in the first fiscal quarter, in line with estimates, on sales of $660 million, slightly below the $667 million expected by a Thomson Reuters consensus estimate.

Bob Iger, chairman and CEO of the Walt Disney Company
Walt Disney earnings: $1.36 per share, vs expected EPS of $1.40

But the company said it predicts sales will fall 8 to 10 percent in the second fiscal quarter, netting earnings of 0 to 15 cents per share. Wall Street was expecting earnings of 59 cents per share.

"While our financial results were in line with our expectations, they were below last year given the persistent headwinds pressuring the traditional watch category and the challenging retail environment, particularly in our wholesale channel," CEO Kosta Kartsotis said in a news release. "We are disappointed that those headwinds have intensified, which will impact this year's expectations, despite our further expense management."

Shares of Michael Kors Holdings, a Fossil portfolio company, also dipped in sympathy.

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Electronic Arts' shares spiked after the gaming and content company posted earnings that exceeded Wall Street's predictions. EA, which makes games like "Madden" and "Sims," posted fiscal fourth-quarter earnings of 50 cents per share, excluding items, on sales of $924 million. Analysts expected earnings of 42 cents per share on sales of $889 million, according to Thomson Reuters consensus estimates.

The company saw a 65-percent increase in unique players on EA Sports titles, as well as expansion of players on its "Star Wars" game.

Shares of Alphabet slid briefly as the company faced off against Oracle in court. Google Executive Chairman Eric Schmidt testified in the copyright retrial Tuesday, defending his use of Java to help release Android smartphones more quickly to market. Oracle has claimed that Android phones use Oracle's property, while Google has argued that there was fair use of the technology.

— Reuters and CNBC's Robert Hum, Jacob Pramuk and Courtney Reagan contributed to this report.