After a big earnings miss, Disney (DIS) is up in after-hours trading. CEO Iger has done a good job spinning the weakness is ESPN as a short term issue. Investors need to be careful that the sports network hasn't hit bottom and the company confirmed that programming costs will increase by $600 million next year due to the NBA alone.
Alpha Street has a great infographic on the quarterly results. The Cable Networks that include ESPN are the key income generating segment so the shift from cable to OTT is only starting to impact Disney.
Do not chase any rally tomorrow.
Disclosure: No position