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Stock Market & Financial Investment News

News Breaks
June 25, 2014
10:28 EDTFOXA, GTN, CBS, DIS, NXST, CMCSA, MEG, SBGIBroadcasters jump after Supreme Court rules against Aereo
The Supreme court ruled 6-3 in favor of television network owners and against Aereo, which sells a service that allows its subscribers to watch television programs over the Internet at about the same time as the programs are broadcast over the air. WHAT'S NEW: Television broadcasters that own the copyrights in many of the programs that Aereo streams sued the service for copyright infringement. A district court previously denied an injunction against Aereo that was sought by television networks and the Second Circuit affirmed, but the Supreme Court ruled that "Because Aereo’s activities are substantially similar to those of the CATV companies that Congress amended the Act to reach, Aereo is not simply an equipment provider." PRICE ACTION: Following the Supreme Court ruling against Aereo and in favor of broadcast TV network owners, shares of CBS (CBS) are up more than 5%. Shares of Disney (DIS), which owns ABC Network, are up 1.4%, 21st Century Fox (FOXA), the owner of Fox, is up 1.6% and Comcast (CMCSA), which owns NBC, is up 1%. Meanwhile, owners of television stations are up as well, with Sinclair Broadcast Group (SBGI) up 14%, Nexstar (NXST) up 12%, Media General (MEG) up 6% and Gray Television (GTN) up 4.6%. Reference Link
News For CBS;SBGI;NXST;GTN;MEG;DIS;FOXA;CMCSA From The Last 14 Days
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April 23, 2015
15:02 EDTCMCSAComcast said to plan final decision today on TWC deal, Blooomberg says
15:01 EDTCMCSATime Warner Cable down 1% after Bloomberg says Comcast plans to drop deal
14:59 EDTCMCSAComcast said to plan to give up on Time Warner Cable deal, Bloomberg says
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13:01 EDTCMCSAOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday amid another deluge of earnings reports. Stocks began the session in negative territory and have remained there through the morning before crossing into positive ground right near noon. The averages gapped up after making it back to the green, putting the Nasdaq back above the all-time closing record it achieved in 2000. A question for the afternoon will be whether the average can hold on to set a new all-time closing high fifteen years later. ECONOMIC EVENTS: In the U.S., initial jobless claims inched up 1K to 295K in the week ended April 18, versus the expected 287K first-time claims. Markit's flash manufacturing PMI fell 1.5 points to 54.2 in April, versus expectations for it to hold steady at 55.7. New home sales dropped 11.4% to a 481K rate in March, versus expectations for a less severe 4.5% drop to a 515K rate. COMPANY NEWS: Shares of Time Warner Cable (TWC) slid about 1% after The Wall Street Journal reported that the FCC's staff recommended a course of action that could derail the company's merger with Comcast (CMCSA). However, research firm Jefferies remained upbeat on Time Warner Cable shares, upgrading the stock this morning and saying that Charter (CHTR) would probably buy the company if the government nixes the Comcast deal... Among members of the Dow that issued earnings reports this morning, Caterpillar (CAT) slid fractionally while 3M (MMM) and Procter & Gamble (PG) each fell about 2%. MAJOR MOVERS: Among the notable gainers was ARRIS (ARRS), which jumped 21% after the company agreed to acquire its competitor Pace for aggregate stock and cash consideration of $2.1B. Also higher following their earnings reports were Skechers (SKX), which rose nearly 13%, and Dunkin' Brands (DNKN), which gained 8.5%. Among the noteworthy losers was MobileIron (MOBL), which plunged 22% after the company warned of a Q1 revenue miss and announced the resignation of its CFO. Also lower following their earnings reports were Texas Instruments (TXN), which fell 7%, and General Motors (GM), which declined nearly 4%. INDEXES: Near midday, the Dow was up 81.31, or 0.45%, to 18,119.58, the Nasdaq was up 22.69, or 0.45%, to 5,057.86, and the S&P 500 was up 10.32, or 0.49%, to 2,118.28.
10:12 EDTCMCSACharter seen as white knight for Time Warner Cable if Comcast deal blocked
The shares of Time Warner Cable (TWC) are declining after The Wall Street Journal reported that the FCC's staff recommended a course of action that could derail the company's merger with Comcast (CMCSA). However, research firm Jefferies remained upbeat on Time Warner Cable shares, saying that Charter (CHTR) would probably buy the company if the government nixes the Comcast deal. WHAT'S NEW: The FCC's staff yesterday recommended that the agency allow an administrative law judge to decide whether Comcast's proposed takeover of Time Warner Cable should be allowed to proceed, according to The Wall Street Journal. Such a move by the FCC would be seen as a strong sign that the agency does not believe that the takeover is in the public interest, the newspaper stated. ANALYST REACTION: In a note to investors earlier today, Jefferies analyst Mike McCormack upgraded time Warner Cable to Buy from Hold. Assuming the Comcast deal is going to close, Time Warner Cable's stock is worth $193, McCormack wrote. But, even in the unlikely event that the deal is not approved, Charter Communications is likely to step in and buy Time Warner Cable at a similar valuation as that which Comcast agreed to, McCormack predicted. An acquisition by Charter would face less regulatory risk than the Comcast deal, he added. Moreover, if the Comcast deal,is vetoed, Time Warner Cable could return up to $7B of cash to shareholders before holding talks with Charter, wrote the analyst, who set a $193 price target on Time Warner Cable. WHAT'S NOTABLE: John Malone, the chairman of Liberty Media (LMCA), has previously said that Charter would look to buy Time Warner Cable if its deal with Comcast falls through. PRICE ACTION: In early trading, Time Warner Cable slipped fractionally to $149.30, Comcast rose 2% to $60 and Charter gained 0.4% to $185.70.
09:29 EDTGTNGray Television to acquire WAGM-TV for $10.25M
Gray Television announced that it has reached an agreement with NEPSK to acquire WAGM-TV in Presque Isle, Maine, for $10.25M in cash. WAGM-TV's two digital channels are affiliated with the CBS Network and the FOX Network. The transaction purchase price represents a multiple of less than six times a blended average of 2014-2015 anticipated pro forma broadcast cash flow of the station including expected synergies. As such, Gray's acquisition of WAGM-TV will be immediately free cash flow accretive to Gray. Gray expects to finance the transaction with cash on hand. The transaction is subject to receipt of regulatory and other approvals and is expected to close in the third quarter of 2015.
09:18 EDTCMCSAOn The Fly: Pre-market Movers
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08:50 EDTCMCSAComcast volatility flat with uncertainty of completion of Time Warner Cable deal
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07:29 EDTCMCSAJefferies ups Time Warner Cable to Buy, sees Charter as potential bidder
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05:58 EDTCMCSAFCC staff recommends hearing on Comcast-TWC merger, WSJ reports
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April 22, 2015
17:31 EDTDISNetflix renews 'Daredevil' for season two, Hollywood Reporter says
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10:02 EDTMEGOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Alcoa (AA) initiated with a Neutral at Cleveland Research... American Electric (AEP) initiated with a Neutral at Guggenheim... American Water (AWK) initiated with a Buy at Guggenheim... Anadarko (APC) initiated with a Buy at Nomura... Apache (APA) initiated with a Reduce at Nomura... Associated Banc Corp (ASB) initiated with a Market Perform at Wells Fargo... Cabot Oil & Gas (COG) initiated with a Neutral at Nomura... Canadian Natural (CNQ) initiated with a Buy at Nomura... Cenovus Energy (CVE) initiated with a Reduce at Nomura... Chesapeake (CHK) initiated with a Reduce at Nomura... Cimarex Energy (XEC) initiated with a Neutral at Nomura... Communications Sales & Leasing (CSAL) initiated with an Overweight at Stephens... Concho Resources (CXO) initiated with a Buy at Nomura... Consolidated Edison (ED) initiated with a Neutral at Guggenheim... Continental Resources (CLR) initiated with a Buy at Nomura... DTE Energy (DTE) initiated with a Buy at Guggenheim... Denbury Resources (DNR) initiated with a Reduce at Nomura... Depomed (DEPO) initiated with an Overweight at Piper Jaffray... Devon Energy (DVN) initiated with a Neutral at Nomura... Dominion (D) initiated with a Buy at Guggenheim... Duke Energy (DUK) initiated with a Buy at Guggenheim... EOG Resources (EOG) initiated with a Buy at Nomura... Edison International (EIX) initiated with a Neutral at Guggenheim... Encana (ECA) initiated with a Buy at Nomura... Entergy (ETR) initiated with a Neutral at Guggenheim... Eversource (ES) initiated with a Buy at Guggenheim... Exelon (EXC) initiated with a Buy at Guggenheim... FirstEnergy (FE) initiated with a Neutral at Guggenheim... Great Plains Energy (GXP) initiated with a Buy at Guggenheim... Hess Corp. (HES) initiated with a Neutral at Nomura... Marathon Oil (MRO) initiated with a Buy at Nomura... Media General (MEG) initiated with a Neutral at Nomura... Medley Capital (MCC) initiated with a Buy at Janney Capital... Murphy Oil (MUR) initiated with a Neutral at Nomura... Newfield Exploration (NFX) initiated with a Buy at Nomura... Newtek Business Services (NEWT) initiated with a Neutral at Ladenburg... NextEra Energy (NEE) initiated with a Buy at Guggenheim... Noble Energy (NBL) initiated with a Reduce at Nomura... Oasis Petroleum (OAS) initiated with a Neutral at Nomura... PG&E (PCG) initiated with a Neutral at Guggenheim... PPL Corp. (PPL) initiated with a Buy at Guggenheim... PSEG (PEG) initiated with a Buy at Guggenheim... Pernix Therapeutics (PTX) initiated with an Overweight at Piper Jaffray... Pinnacle West (PNW) initiated with a Neutral at Guggenheim... Pioneer Natural (PXD) initiated with a Buy at Nomura... RSP Permian (RSPP) initiated with a Buy at Wunderlich... Range Resources (RRC) initiated with a Buy at Nomura... STMicroelectronics (STM) initiated with a Buy at Craig-Hallum... Southern Company (SO) initiated with a Neutral at Guggenheim... Southwestern Energy (SWN) initiated with a Neutral at Nomura... Starz (STRZA) initiated with a Sector Perform at FBN Securities... Stellus Capital (SCM) initiated with a Neutral at Janney Capital... Suncor (SU) initiated with a Buy at Nomura... TECO Energy (TE) initiated with a Neutral at Guggenheim... Tribune Media (TRCO) initiated with a Hold at Jefferies... Ultra Petroleum (UPL) initiated with a Neutral at Nomura... Whiting Petroleum (WLL) initiated with a Neutral at Nomura... Zogenix (ZGNX) initiated with an Overweight at Piper Jaffray... bluebird bio (BLUE) initiated with a Buy at Maxim.
06:39 EDTCMCSARegulators evaluating Comcast's track record, NY Times says
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06:25 EDTCMCSAFCC staff to meet with commissioners today on Comcast deal, Reuters reports
FCC staff is slated to brief the agency's commissioners later today on their review of Comcast's (CMCSA) proposed merger with Time Warner Cable (TWC), according to Reuters, which cited two unnamed sources. The staff is also slated to discuss its view of a $48B pending deal between AT&T (T) and DirecTV (DTV), the news agency quoted one of the sources as saying. Reference Link
06:23 EDTCMCSATime Warner Cable volatility up on uncertainty of completion of Comcast deal
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April 21, 2015
18:53 EDTCMCSA, DIS, FOXAFox, NBC say Verizon cable packages violate license terms, Washington Post says
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15:04 EDTCMCSAHesse as reviewer may be Comcast 'worst-case scenario,' CT Financial says
Cleveland State University Law professor Christopher Sagers said that in some ways having Renata Hesse oversee the DOJ's review of the proposed merger of Comcast (CMCSA) and Time Warner Cable (TWC) could be a “worst-case scenario” for the companies, citing her experience and reputation. If Comcast is seen as merging to thwart Time Warner Cable from launching an over-the-top streaming service, then "that’s virtually a horizontal merger" which would be a "very serious theory of harm," according to the professor. Reference Link
13:36 EDTCMCSASenators urge rejection of potential Comcast, Time Warner merger, Reuters says
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13:34 EDTDISEarnings Watch: Yahoo shares dropped more than 6.5% since last earnings report
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06:47 EDTFOXATalal a big backer of Fox's James Murdoch, Reuters says
Saudi Arabia's Prince Alwaleed bin Talal, who owns a 6.6% stake in Twenty-First Century Fox, says he "really loves" James Murdoch, the son of the company's octogenarian CEO, Rupert Murdoch. James understands the digital world and is ready to take on a much bigger role at the company, the news service quoted the prince as saying. The prince's support may be setting the stage for James Murdoch to take day-to-day control of the company "sooner rather than later," Reuters stated. Reference Link
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