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Stock Market & Financial Investment News

News Breaks
August 7, 2014
13:25 EDTCBS, TWX, FOX, FOXA, DIS, CMCSA, CBSOEarnings 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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October 17, 2014
09:29 EDTCMCSAComcast it top large cap pick into the print, says Goldman
Goldman said Comcast is its top large cap pick into the earnings report given steady fundamentals, moderated expectations, and valuation. Shares are Buy rated with a $64 price target.
08:00 EDTTWX, CMCSAHBO may have fight with cable operators over OTT service price, Reuters says
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October 16, 2014
16:30 EDTCBS, TWXOn The Fly: Closing Wrap
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12:29 EDTTWX, CBSOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, though well off their worst levels. The market opened sharply lower following less than stellar quarterly reports from some of the country’s largest corporations and a number of in-focus "momentum" names such as Netflix (NFLX) and eBay (EBAY). The early drop extended the market’s recent declines and put the averages close to correction territory. The market moved off its lows after a regional Fed president, who'd recently been seen as hawkish, said in an interview that the central bank should consider delaying the end of quantitative easing and that it should be more data driven than time driven. The comments were attributed as the catalyst for a reversal that brought the averages all the way back to positive territory, though the market has once again drifted back into negative ground. ECONOMIC EVENTS: In the U.S., initial jobless claims decreased by 23K to 264K last week to hit their lowest level since April 2000. Industrial production rebounded 1.0% in September, beating expectations for a rise of 0.4% and pushing capacity utilization up to 79.3% from 78.7% previously. The Philadelphia Fed manufacturing index fell 1.8 points to 20.7 in October, which was not as low as the expected 19.9 reading. The NAHB homebuilder sentiment index fell 5 points to 54 in October, versus expectations for it to hold steady at 59. Also of significant note, St. Louis Fed President James Bullard, who is not a voting FOMC member though was quoted recently saying that a rate hike might be appropriate as soon as early next year, reversed course this morning and told Bloomberg in an interview that the Fed should consider delaying an end to its quantitative easing program. COMPANY NEWS: Shares of Netflix (NFLX) plunged 22% after the company provided lower than expected Q4 profit guidance and reported lower than expected subscriber data. The move after its earnings report last night also follows Time Warner's (TWX) announcement yesterday of plans for a standalone HBO online service and Piper Jaffray saying it believes CBS (CBS) will similarly launch an over-the-top Showtime offering next year... eBay (EBAY) shares slipped nearly 6% after the company missed revenue expectations for the third quarter and lowered its outlook for fiscal 2014. Following the report, analysts at both RBC Capital and CLSA downgraded the stock. MAJOR MOVERS: Among the notable gainers was Chesapeake Energy (CHK), which rose 17% after the company announced that it sold Marcellus and Utica shale assets to Southwestern Energy (SWN) for $5.375B. Shares of the buyer Southwestern, however, fell 8% after the deal announcement. Also lower was Extreme Networks (EXTR), which dropped almost 19% after cutting its first quarter outlook citing significant delays with its North American deals as well as headwinds in Europe. INDEXES: Near midday, the Dow was down 28.46, or 0.18%, to 16,113.28, the Nasdaq was down 16.16, or 0.38%, to 4,199.16, and the S&P 500 was down 2.08, or 0.11%, to 1,860.41.
10:49 EDTTWX, CBSCBS likely to launch Showtime OTT service in 2015, says Piper Jaffray
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10:01 EDTDISOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Akamai (AKAM) downgraded to Market Perform from Outperform at Wells Fargo... CGG SA (CGG) downgraded to Reduce from Neutral at Nomura... Central Valley Community (CVCY) downgraded to Hold from Buy at Sandler O'Neill... DSM (RDSMY) downgraded to Neutral from Buy at Nomura... Disney (DIS) downgraded at Guggenheim... Francesca's (FRAN) downgraded to Underperform from Outperform at Macquarie... Netflix (NFLX) downgraded to Fair Value from Buy at CRT Capital... Nordstrom (JWN) downgraded to Neutral from Outperform at Macquarie... Norfolk Southern (NSC) downgraded at Credit Suisse... Rio Tinto (RIO) downgraded to Market Perform at Cowen... Seadrill (SDRL) downgraded to Reduce from Neutral at Nomura... Ternium (TX) downgraded to Neutral from Overweight at JPMorgan... Urban Outfitters (URBN) downgraded to Neutral from Outperform at Macquarie... Viacom (VIAB) downgraded at BofA/Merrill... eBay (EBAY) downgraded to Underperform from Buy at CLSA... lululemon (LULU) downgraded to Underperform from Neutral at Macquarie.
10:01 EDTTWXOn The Fly: Analyst Upgrade Summary
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09:57 EDTCBSCBS All Access not meant to be a disrupter to eco-system, says Wells Fargo
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09:39 EDTDISActive equity options trading on open
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09:18 EDTCBS, TWXMoonves: Showtime standalone service in 'not too distant future,' NY Times says
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09:09 EDTCBSCBS announces launch of stand-alone web subscription service
CBS announced the launch of CBS All Access, a new digital subscription video on demand and Nielsen-measured live streaming service for the CBS Television Network. CBS All Access will offer subscribers thousands of episodes from the current season, previous seasons and classic shows on demand, as well as the ability to stream local CBS Television stations live in 14 of the largest U.S. markets at launch. CBS All Access is available beginning today at CBS.com and on mobile devices through the CBS App for iOS and Android. CBS All Access will cost $5.99 per month.
08:37 EDTTWXTime Warner upgraded at Topeka
As previously reported, Topeka upgraded Time Warner to Buy from Hold. The firm upgraded shares citing better than expected guidance targeted at yesterday's analyst day. Price target raised to $90 from $70. Note that BofA/Merrill also upgraded shares today.
08:23 EDTTWXTime Warner price target raised to $85-$90 from $79-$81 at Wells Fargo
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07:49 EDTTWXTime Warner upgraded at BofA/Merrill
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07:47 EDTTWXTime Warner added to Focus List at JPMorgan
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07:45 EDTDISDisney downgraded at Guggenheim
As previously reported, Guggenheim downgraded Disney to Neutral from Buy. The firm downgraded shares based on relative valuation, risk to domestic pay-TV subscriber growth, challenging FY15 film comparisons, and potential for sports-network tiering. Price target lowered to $87 from $96.
07:17 EDTDISDisney downgraded to Neutral from Buy at Guggenheim
07:10 EDTTWXTime Warner upgraded to Buy from Hold at Topeka
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06:31 EDTTWXTime Warner upgraded to Buy from Neutral at BofA/Merrill
06:03 EDTCBSStocks with implied volatility above IV index mean; AFSI CBS
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