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ParentsOf4 I've addressed this in another thread, but thought it was worth noting again. $DIS is indeed trying to lower expectations for Q1, but is having a difficult time doing so because the perception is a stronger consumer should lead to more money across DIS's divisions (flawed thinking, IMO).
But, to the capital expenditures being reduced, this has been addressed in analyst meetings since that conference call. When that comment was made, $DIS was wrapping up Cars Land, New Fantasyland, and had just launced its 2nd cruise ship in as many years. That is a HUGE investment. So when they said capital expenditures would be reduced, they meant relative to what they were doing/just completed at the time.
That's not to say that Iger (who as a shareholder, you
have to like as CEO if capital appreciation is what you want from your investments) is going to MAGICally decide to start punching back against the park to the north all of a sudden and spend some money at WDW.