Why Are These Three Stocks Trending on Wednesday?

Walt Disney Co (NYSE:DIS) is trending after the company announced it will cut up to 350 jobs in the company’s crown jewel ESPN division. Disney is laying off workers and reducing costs after the company reported ‘modest’ cable subscriber losses in its latest earnings report as consumers increasingly move to internet entertainment alternatives. With ESPN.com and the Sling TV partnership, Disney has a strong internet presence, but analysts fear the company’s internet properties will not be enough to offset cable’s decline. The market isn’t so sure, however, as shares are still up 17.29% year-to-date and trade at a reasonable 19.6 times forward earnings.

Hedge funds that we track are mixed on Walt Disney Co (NYSE:DIS). Although the number of funds decreased to 60 from 64 during the second quarter, the total value of their holdings in the stock increased to $4.42 billion (representing 2.30% of the float) from $4.37 billion. Ken Fisher‘s Fisher Asset Management increased its position by 1% to 8.45 million shares, while Lansdowne Partners trimmed its stake by 1% to 8.32 million shares. Phill Gross and Robert Atchinson’s Adage Capital Management cut its stake by 16% to 1.98 million shares too.

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