Disney drags Dow down
Around 11.30 am ET, the Nasdaq composite, down 31.53 to 1417.43, fell more than 2%. The Dow Jones industrial average, down 55.81 to 8687.12 and the Standard & Poor's 500 index, down 7.81 to 912.94, also registered declines.
Disney, down $0.91 to $17.63, warned after the closing bell Tuesday that its fiscal 2002 profit would be revised lower and its first quarter would be weaker than previously forecast, citing lower-than-expected revenue from its recently released film Treasure Planet.
The firm also announced a probe by the Securities and Exchange Commission into the independence of some of its directors.
Market breadth was negative. On the New York Stock Exchange, decliners beat advancers about 9 to 5 as 550 million shares traded. On the Nasdaq, losers beat winners 7 to 3 as 771 million shares changed hands.





