The Dow Jones Industrial Average was trading in negative territory Thursday afternoon, with shares of Walt Disney Co., proving the biggest drag on the benchmark after its CEO issued an earnings warning. Shares of Disney were down $3.35, or 3.3%, the worst performer among the Dow’s 30 components and slicing about 24 points from the price-weighted gauge. A $1 swing in any Dow component equates to a move of 6.89 points. The Dow was off 35 points, or 0.2% at 21,773, while the S&P 500 index was down 0.1% at 2,463, and the Nasdaq Composite Index was up about 0.1% at 6,397. During a Bank of America Merrill Lynch’s Media, Communications & Entertainment Conference, Disney CEO Iger said
the entertainment and media giant will report annual earnings “roughly in line” with what the company generated in fiscal year 2016 at about $5.72, disappointing analysts average, annual estimates for full-year earnings a share of $5.89. Other media stocks also fell on the news, including CBS and 21st Century Fox .
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