Disney reports earnings after the bell — here's what to watch

Walt Disney shares fell on Thursday ahead of the company's quarterly earnings report due out after the bell. Investors should watch for three major points out of its report, according to Tuna Amobi, senior equity analyst with CFRA.

He told CNBC's "Trading Nation" earlier on Thursday that the most crucial parts to watch in the report will be updates as to Disney's acquisition of Fox assets and its integration strategy on that front, its direct-to-consumer strategies and guidance for the 2019 fiscal year.

Amobi also said he would be monitoring for specific commentary on the media company's "over-the-top" bundle plan for consumers.

"There's always going to be a lot of attention paid to the attrition in the expanded basic bundle … we've seen that in some of the companies that reported already. That secular trend continues. But I think more importantly … is how much the victories in the over-the-top, so-called digital bundles are going to offset that. That's going to be the key," Amobi said.

Amobi carries a bullish price target of $130 per share on the stock, which implies around 12 percent of upside from current levels. He rates the stock "strong buy." Disney shares have rallied nearly 8 percent this year.

The E.U. granted Disney approval earlier this week for its offer to buy Twenty-First Century Fox's entertainment assets, though the regulatory body said Disney would have to make television divestments first.

Disney shares were trading 1 percent lower on Thursday afternoon, near session lows.

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Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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