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Stock Market & Financial Investment News

News Breaks
August 7, 2014
13:25 EDTDIS, TWX, CBSO, FOXA, CBS, CMCSA, FOXEarnings Preview: CBS shares little changed since Q1 report
CBS (CBS) is set to report second quarter earnings after the market close on Thursday, August 7, with a conference call scheduled for 4:30 pm ET. CBS is a diversified media company that operates entertainment, cable networks, publishing, local broadcasting, and outdoor segments. EXPECTATIONS: Analysts are looking for adjusted earnings per share of 72c on revenue of $3.23B, according to Bloomberg. The consensus range for EPS is 68c-76c, on revenue of $3.15B-$3.31B. LAST QUARTER: CBS reported first quarter adjusted EPS of 78c against estimates for 75c on revenue of $3.86B against estimates for $3.92B. CBS also reported a repurchase of $2B or 31.4M shares in Q1. As of March 31, the company had $3.43B of authorization remaining on its share repurchase program. COMPANY NEWS: On June 25, 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. 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." Shares of TV network broadcasters such as Disney (DIS), which owns ABC Network, 21st Century Fox, the owner of Fox, and Comcast (CMCSA), which owns NBC, rose following the news. Reuters reported on July 18 that CBS CEO Leslie Moonves said the firm would examine Time Warner's (TWX) CNN if it goes up for sale as part of a merger with Rupert Murdoch's Twenty-First Century Fox (FOX, FOXA). CBS OUTDOOR SPIN-OFF: On July 16, CBS Outdoor Americas (CBSO) announced its full separation from CBS through the completion of an exchange offer by CBS Corporation of its 81% ownership of the company’s common stock, and following an initial public offering of 19% of the company’s common stock on March 28. As a result, the company is no longer a subsidiary of CBS Corporation. On July 17, the company began operating as a real estate investment trust and intended to elect and qualify to be taxed as a REIT for the remainder of the fiscal year ending December 31, and for subsequent tax years. The Internal Revenue Service issued a private letter ruling on April 16 with respect to certain issues relevant to the company’s qualification to be taxed as a REIT. STREET RESEARCH: Wall Street research has been fairly quiet on CBS during the quarter. Wells Fargo said on June 11 that CBS's split off of CBS Outdoor was 'positive' for both companies and believed the CBS Outdoor REIT conversion process would occur "much earlier" while CBS could announce a 2.75-3.0 times target leverage ratio earlier than anticipated. The firm had Outperform ratings on both stocks. In regards to the Aereo ruling, On June 25, Wells Fargo said the Supreme Court ruling against Aereo is "clearly a positive" for broadcasters. The firm continued to like stocks in the space, particularly CBS due to near-term catalysts and an attractive valuation. Barclays initiated the U.S. media sector with a Neutral rating on July 8 and said that the new distribution platforms could lead to less leverage and market share loss for the industry overall. CBS was given an Equal Weight rating. PRICE ACTION: CBS shares are up 1.89% since the first day of trade following its Q1 report. In afternoon trading ahead of its Q2 report, CBS is down 0.4% to $57.41.
News For CBS;TWX;FOX;FOXA;DIS;CMCSA;CBSO From The Last 14 Days
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July 23, 2015
07:02 EDTCMCSAComcast reports Q2 EPS 84c, consensus 84c
Reports Q2 revenue $18.7B, consensus $18.14B. Consolidated Operating Cash Flow increased 8.0% to $6.3B. Excluding $79M of Time Warner Cable (TWC) and Charter (CHTR) transaction-related costs in the second quarter of 2015 and $44M in the second quarter of 2014, consolidated operating cash flow increased 8.5%
06:46 EDTTWXLeBron James forms production partnership with Warner Bros., WSJ says
NBA superstar LeBron James is forming a production partnership with Time Warner's Warner Bros. Entertainment that spans movies, television, and digital content, the Wall Street Journal reports. Warner Bros. will have a partnership with SpringHill Entertainment, the production company founded by James and business partner Maverick Carter in 2013, the report says. Under the terms of the agreement, Warner Bros. and SpringHill will co-produce and co-own all projects they do together, the report says. Reference Link
05:59 EDTTWX, FOX, CMCSA, DIS, FOXAEU sends Statement of Objections to Sky, U.S. film studios
The European Commission has sent a Statement of Objections to Sky UK (SKYAY) and six major U.S. film studios: Disney (DIS), NBCUniversal (CMCSA), Paramount Pictures (VIA), Sony (SNE), Twentieth Century Fox (FOXA) and Warner Bros (TWX). The Commission takes the preliminary view that each of the six studios and Sky UK have bilaterally agreed to put in place contractual restrictions that prevent Sky UK from allowing EU consumers located elsewhere to access, via satellite or online, pay-TV services available in the UK and Ireland. Without these restrictions, Sky UK would be free to decide on commercial grounds whether to sell its pay-TV services to such consumers requesting access to its services, taking into account the regulatory framework including, as regards online pay-TV services, the relevant national copyright laws. If the Commission's preliminary position were to be confirmed, each of the companies would have breached EU competition rules prohibiting anti-competitive agreements. The sending of a Statement of Objections does not prejudge the outcome of the investigation. These antitrust investigations focus on contractual restrictions on passive sales outside the licensed territory in agreements between studios and broadcasters.
July 22, 2015
15:26 EDTCMCSANotable companies reporting before tomorrow's open
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12:27 EDTDIS, TWXTime Warner's HBO lands sports commentator Bill Simmons
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12:21 EDTTWX, DISTime Warner's HBO announces multiyear deal with Bill Simmons
Bill Simmons left Disney's (DIS) ESPN earlier this year.
07:45 EDTCMCSAComcast July weekly volatility elevated into Q2 and outlook
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July 21, 2015
12:43 EDTDISEarnings Watch: Analysts expect GoPro to beat expectations in Q2
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July 20, 2015
10:00 EDTCBS, FOXAOn The Fly: Analyst Downgrade Summary
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07:04 EDTCBSCBS downgraded to Hold from Buy at Pivotal Research
Pivotal Research downgraded CBS to Hold based on higher costs of capital and valuation and lowered its price target to $58 from $70 on shares.
06:25 EDTFOXA21st Century Fox downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded 21st Century Fox to Neutral and lowered its price target to $34 from $40. The firm sees uncertainty around FY16 earnings given increasing programming costs, further investments, and potential acquisitions, and has a mixed views on the company's OTT streaming position.
July 19, 2015
15:43 EDTDIS, CMCSADisney's 'Ant-Man' leads U.S. weekend box office with $58M
For the weekend of July 19, Disney's (DIS) "Ant-Man" topped domestic box office charts at $58M. Comcast (CMCSA, CMCSK) subsidiary Universal's "Minions" landed in second place with $50.2M, while Universal's "Trainwreck" came in third with $30.2M. Disney's "Inside Out" and Universal's "Jurassic World" took fourth and fifth place at $11.7M and $11.4M, respectively. Data gathered by Rentrak.
July 17, 2015
11:37 EDTFOXFox to appeal ruling granting FilmOn compulsory TV license, Variety reports
Fox Broadcasting plans to appeal a U.S. federal court decision that found FilmOn is entitled to a compulsory license to transmit TV station programming online, reports Variety. Judge George Wu said federal copyright code does not distinguish between cable TV providers and online services like FilmOn with respect to rights to a compulsory retransmission license. Fox said it plans to appeal the decision and that it fully expects to prevail. Reference Link
06:13 EDTFOX, FOXA, DIS, CMCSAHulu considering ad-free option, WSJ reports
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July 16, 2015
10:45 EDTCMCSANetflix price targets soar as Bernstein stays bearish
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10:04 EDTTWXHigh option volume stocks
High option volume stocks: TWX PMCS SHW ASML GRMN GSAT ROVI ALLY LC HZNP
10:00 EDTTWXAmazon says HBO NOW available on Fire Tablets
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09:55 EDTCMCSARovi trial loss immaterial to estimates, says Piper Jaffray
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05:56 EDTCMCSANetflix ruling irrelevant to Rovi contract renewals, says B. Riley
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05:52 EDTCMCSARuling in Netflix case a negative for Rovi, says JPMorgan
JPMorgan analyst Sterling Auty says court filings released after yesterday's market close indicate Netflix (NFLX) was granted a motion of summary invalidating all five of the remaining Rovi (ROVI) patents that were being contested. Auty expects Rovi to sell off on the news as investors consider what the ruling may do to the company's upcoming contract renewals with Comcast (CMCSA), Time Warner Cable (TWC), DirecTV (DTV) and DISH (DISH). The "big 4" choosing to litigate against Rovi is "certainly a possibility," but the companies have bigger patent infringement exposures than an over-the-top vendor like Netflix, Auty writes in a research note. He keeps a Neutral rating on Rovi.
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