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Stock Market & Financial Investment News

News Breaks
August 7, 2014
13:25 EDTCBSO, FOXA, CBS, CMCSA, FOX, DIS, TWXEarnings 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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April 17, 2015
07:00 EDTDISDisney price target raised to $120 from $105 at Jefferies
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06:17 EDTCMCSAVerizon to offer monthly custom TV plans, Reuters reports
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April 16, 2015
11:05 EDTCBSCBS April calls active amid subject of recent takeover chatter
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08:01 EDTDISJPMorgan positive on Disney into Q2 earnings report
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07:13 EDTDISDisney and Corus Entertainment sign licensing agreement in Canada
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April 15, 2015
18:36 EDTCMCSANetflix CEO says company looking for FCC to block Comcast/Time Warner deal
Netflix (NFLX) CEO Reed Hastings reiterated that the FCC should block the Comcast (CMCSA) and Time Warner Cable (TWC) merger. Comment provided during Q1 earnings interview.
09:47 EDTCMCSAComcast price target raised to $84 from $70 at BofA/Merrill
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09:02 EDTDISDolby Vision to launch with Disney's Tomorrowland, Disney Pixar's Inside Out
Dolby Laboratories (DLB) and The Walt Disney Studios (DIS) announced that Disney’s Tomorrowland, in theatres May 22, 2015, and Disney•Pixar’s Inside Out, in theatres June 19, 2015, will be the first Dolby Vision titles to be shown at Dolby Cinema™ locations around the globe. In addition, Disney’s The Jungle Book, due out April 15, 2016, will also be presented in Dolby Vision, with more titles to be announced.
April 14, 2015
06:30 EDTTWXTwitter threatens Periscope users who illegally streamed 'GoT,' Mashable says
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05:51 EDTCMCSANBCUniversal teams with Germany, France broadcasters to create shows, WSJ says
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April 13, 2015
11:56 EDTTWXMedia companies look to back away from Nielsen guarantees for ads, Variety says
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08:56 EDTCMCSACPUC Commissioner asking for Comcast deal to be rejected, CT Financial News says
California Public Utilities Commissioner Mike Florio filed an alternate proposed decision on the planned merger of Comcast (CMCSA) and Time Warner Cable (TWC) that, in effect, asks the other four commissioners to reject a preliminary approval of the merger issued by a CPUC administrative law that included 25 conditions that Comcast must agree to in order to secure the pact, said CT Financial News. Reference Link
07:22 EDTFOXA, CBS, CMCSA, DISWave of media M&A may be on the way, WSJ says
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06:24 EDTTWXTime Warner tries to win over TV providers in cord-cutter pitch, WSJ says
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April 12, 2015
18:52 EDTDISDisney/ABC Television Group digital chief Albert Cheng leaving, Deadline says
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15:58 EDTTWX, CMCSA, FOX, DIS, FOXAComcast's 'Furious 7' maintains lead at weekend box office with $60.6M
Rentrak announced the official domestic weekend box office estimates for the weekend of April 12, as compiled by the company's theatrical measurement services. Universal's (CMCSA) "Furious 7" topped the domestic weekend box office with $60M; 21st Century Fox's (FOX, FOXA) "Home" came in second place at the box office with $19M; 21st Century Fox's (FOX, FOXA) "The Longest Ride" came in third place with with $13.5M; Warner Bros.' (TWX) "Get Hard" came in fourth place with with $8.6M and Disney's (DIS) "Cinderella" came in fifth place with $7.2M.
14:34 EDTTWXSeason 5 ‘Game of Thrones’ episodes leaked ahead of premiere, Variety says
Nearly a full day before HBO’s (TWX) scheduled April 12 premiere of “Game of Thrones,” the first four episodes of HBO's popular fantasy series appeared up on piracy networks late Saturday, said Variety. “Sadly, it seems the leaked four episodes of the upcoming season of ‘Game of Thrones’ originated from within a group approved by HBO to receive them,” HBO said. “We’re actively assessing how this breach occurred.” Reference Link
April 10, 2015
14:27 EDTFOX, FOXANews Corp., 21st Century Fox mull move to WTC site, NY Times reports
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12:15 EDTTWXTime Warner volatility at low end of historic range
Time Warner April call option implied volatility is at 17, May weekly is at 21, July is at 20; compared to its 26-week average of 22 according to Track Data, suggesting decreasing price movement into the expected release of Q1 results on April 29.
06:48 EDTTWX, DISTime Warner, Legos to market figures that can be brought to life, NY Times says
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