Shares of Walt Disney Co. fell 2 percent on Thursday, one day after the company delayed the release of two movies from its acclaimed Pixar animation studio, "The Good Dinosaur" and a sequel to 2003 hit "Finding Nemo."
Pushing back "Good Dinosaur" to 2015 removes a major film from the media company's movie slate next year, Wedge Partners analyst Martin Pyykkonen said. The postponement of both movies likely contributed to a decline in Disney shares, he said.
"You have just put a big vacancy in there in fiscal 2014," Pyykkonen said. Disney's fiscal year begins in October.
Disney shares dropped 2 percent to close at $65.72 on the New York Stock Exchange.
"The Good Dinosaur" is now scheduled to reach theaters on Nov. 25, 2015, about 18 months after its original release date in May 2014, Disney said in a statement on Wednesday. The movie is set in a world where dinosaurs and humans co-exist.
Pixar delayed the movie to provide time "to ensure we make the best film possible," the studio said.
"We continue to believe at Pixar, 'quality is the best business plan,' and we live by that," the statement said.
"The Good Dinosaur" moved to the release date previously held by "Nemo" sequel "Finding Dory." Pixar pushed "Dory" to June 17, 2016, putting it in the summer movie season like the original film.
The new schedule will make 2014 the first year since 2005 that Pixar has not released a film. The studio's hits include "Toy Story," "Cars" and this year's "Monsters University," which has sold $731 million worth of tickets around the world since its release in June, according to the Box Office Mojo website.
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