Disney misses forecasts

Walt Disney posted a rare quarterly earnings miss after TV broadcasting and theme park revenue fell, offsetting a boost from smash "Toy Story 3" and robust advertising sales. Disney's fourth-quarter net income fell to $835m, compared with $895m a year earlier. Total sales fell one per cent to $9.7bn from $9.9bn. Analysts on average had forecast sales of $9.95bn. Wall Street had expected better numbers from a company that has exceeded earnings expectations in each of the past six quarters, hoping that an improving economy boosted advertising, parks, consumer products and its other businesses.