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Stock Market & Financial Investment News

News Breaks
August 7, 2014
13:25 EDTCMCSA, FOX, DIS, TWX, CBSO, FOXA, CBSEarnings 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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August 20, 2015
09:20 EDTDISOn The Fly: Pre-market Movers
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09:17 EDTFOXA, CBS, DIS, TWXDisney hit with another downgrade on TV concerns
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06:36 EDTTWX, FOXA, CBS, DISBernstein cuts Disney, Time Warner with TV entering 'structural decline'
Bernstein analyst Todd Juenger downgraded his rating on both Disney (DIS) and Time Warner (TWX) saying the U.S. television industry is entering a period of "prolonged structural decline." With viewers moving away from ad-supported platforms to non-ad-supported, media companies with the least exposure to U.S. advertising represent the most favorable investments, Juenger tells investors in a 48-page research note on the Media sector. The analyst moved both companies to a Market Perform rating from Outperform, and lowered his price target for Disney to $114 from $125 and for Time Warner to $90 from $101. He called the downgrade of Time Warner a "very close call" as his new price target still represents 15% upside from current levels. Share performance in the entire Media sector will be challenged until the content owners take steps to "reclaim on-demand viewing" from streaming services like Netflix (NFLX) and use it to protect affiliate fees, Juenger argues. His Outperform-rated names are Nielsen (NLSN) and 21st Century Fox (FOXA). Along with Time Warner and Disney, the analyst has Market Perform ratings on AMC Networks (AMCX), CBS (CBS), Scripps Networks (SNI) and Discovery (DISCA). Juenger has an Underperform rating on Viacom (VIAB). Wells Fargo on Tuesday also downgraded Disney to Market Perform. Piper Jaffray this morning told investors that the recent pullback in shares of AMC Networks brings a "great" entry point into the name.
06:24 EDTTWX, DISTime Warner downgraded to Market Perform from Outperform at Bernstein
Bernstein analyst Todd Juenger downgraded Time Warner (TWX) to Market Perform saying the U.S. television industry is entering a period of "prolonged structural decline." With viewers moving away from ad-supported platforms to non-ad-supported, media companies with the least exposure to U.S. advertising represent the most favorable investments, Juenger tells investors in a 48-page research note on the Media sector. He cut his price target for Time Warner to $90 from $101 and calls the downgrade a " very close call" with his new price target representing 15% upside from current levels. The analyst also downgraded shares of Disney (DIS) to Market Perform.
06:22 EDTDIS, TWXDisney downgraded to Market Perform from Outperform at Bernstein
Bernstein analyst Todd Juenger downgraded Disney (DIS) to Market Perform saying the U.S. television industry is entering a period of "prolonged structural decline." With viewers moving away from ad-supported platforms to non-ad-supported, media companies with the least exposure to U.S. advertising represent the most favorable investments, Juenger tells investors in a 48-page research note on the Media sector. He cut his price target for Disney shares to $114 from $125. The analyst also downgraded shares of Time Warner (TWX) to Market Perform. Shares of Disney closed yesterday down 45c to $106.49. Wells Fargo on Tuesday also downgraded the stock to Market Perform.
06:10 EDTCMCSAWeather Channel said to hire banks to explore sale, Bloomberg reports
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August 19, 2015
10:20 EDTCMCSABig telecom firms put M&A on hold, CTFN reports
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10:00 EDTCMCSAOn The Fly: Analyst Upgrade Summary
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09:13 EDTCMCSAComcast upgraded to Buy from Neutral at MoffettNathanson
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06:14 EDTTWXIntel to launch contest show on Turner Broadcasting, WSJ reports
Intel (INTC) is making a foray into reality television by developing a contest show with Mark Burnett and Time Warner's (TWX) Turner Broadcasting unit, the Wall Street Journal reports. The program will be called "America's Greatest Makers" and will engage "do-it-yourselfers" who turn microchips and other components into devices and gadgets, competing for a $1M prize, the report says. The show is scheduled to appear on TV and other media channels in 2016, the report adds. Reference Link
August 18, 2015
16:49 EDTDIS, CMCSAOn The Fly: Top stock stories for Tuesday
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16:00 EDTDISOptions Update; August 18, 2015
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11:07 EDTDISDisney has a potential bearish pattern near the trigger point
There is a potential bearish pennant that is developing on the daily chart. A move below $106.50 would confirm that the pattern is active. Downside potential would be to the $92 to $91 area, if the pattern became active and completed. A sustained move above the pattern top at $109 or higher would void the pattern through time and price.
10:17 EDTCMCSA, DIS, CBS, FOXADisney downgraded as Wells moves away from content providers
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10:00 EDTCBS, FOXA, DISOn The Fly: Analyst Downgrade Summary
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08:04 EDTCMCSABuzzFeed says NBCUniversal to make $200M equity investment in company
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07:56 EDTFOXA21st Century Fox downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded 21st Century Fox (FOXA) to Market Perform with a $31-$33 price target range saying value is shifting from content to distribution. Wells also downgraded Disney (DIS) and CBS (CBS) this morning to Market Perform while cutting its Diversified Media sector view to Market Weight. Time Warner (TWX) remains its only Outperform-rated media stock. Shares of Disney closed yesterday up $1.88 to $109.05.
07:13 EDTFOXA21st Century Fox downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded 21st Century Fox (FOXA) to Market Perform with a $31-$33 price target range saying value is shifting from content to distribution. Wells also downgraded Disney (DIS) and CBS (CBS) this morning to Market Perform while cutting its Diversified Media sector view to Market Weight. Time Warner (TWX) remains its only Outperform-rated media stock. Shares of Disney closed yesterday up $1.88 to $109.05.
07:13 EDTCBSCBS downgraded to Market Perform from Outperform at Wells Fargo
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07:12 EDTCBS, FOXA, DIS, TWXDisney downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Disney (DIS) to Market Perform with a $112-$119 price target range saying value is shifting from content to distribution. Wells also downgraded CBS (CBS) and 21st Century Fox (FOXA) this morning to Market Perform while cutting its Diversified Media sector view to Market Weight. Time Warner (TWX) remains its only Outperform-rated media stock. Shares of Disney closed yesterday up $1.88 to $109.05.
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