Word: shrek
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...White House dropped the phrase 'war on terror' ... when polls showed no one thought we were winning it. They think they know how to make it more popular. They're going to stop calling it 'war on terror' and start calling it Shrek 3." --ARGUS HAMILTON, comedian and columnist
...information. In May its shares fell 5% just before the company disclosed disappointing results. The Securities and Exchange Commission is looking into whether there was any insider trading, and six shareholder lawsuits stemming from the stock drop have been filed. The company botched forecasts for home-video sales of Shrek 2 not once but twice, blowing its credibility on Wall Street and prompting the company to scrap a planned $500 million stock sale. "Are they rookies? Do they have any controls?" asks analyst David Miller at Sanders Morris Harris, echoing concerns of many investors...
...publicly traded animation company, which remains majority owned by DreamWorks' founders and early investors. Success has been spotty on all fronts. DreamWorks never built the studio complex it had planned and gave up on its TV, record and Internet ambitions. Its animated movies--other than the Shrek franchise--have been unspectacular. "Probably our eyes were bigger than our stomachs," Geffen tells TIME. "We made a lot of mistakes, and hopefully, we'll make fewer in the future." Katzenberg declined to comment...
...shelf life. And with 80% of U.S. households owning DVD players, fewer people are rushing out to replace their old tapes--slowing DVD sales. Those shifts have made forecasting sales difficult and, Geffen says, "sort of blindsided us," helping lead to what has come to be known as the Shrek wreck. Early this year, the company told analysts that it expected to sell 55 million Shrek 2 videos--a figure it has lowered to about 40 million. That's still a phenomenal number. But investors had pushed up DreamWorks Animation shares, expecting an additional $50 million of profit that...
...pumping out hit after hit, from Toy Story to A Bug's Life to Monsters, Inc., and that has attracted Wall Street's admiring eye. In Hollywood, it's said you're only one hit away from success. DreamWorks has high hopes for Bee Movie, with Jerry Seinfeld, and Shrek 3, both due out in 2007. But by then, Fox, Sony and Disney all plan to be bigger computer-animation players. With so much clutter, DreamWorks' dream may be deferred again...