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Stock Market & Financial Investment News

News For CMCSA;CVC;DIS;TWC;VZ From The Last 14 Days
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February 26, 2015
16:52 EDTCMCSA, VZOn The Fly: Closing Wrap
Stocks on Wall Street moved in a narrow range for most of the session while remaining near record levels. The Nasdaq was the strongest of the indices, as it continues its march towards 5,000. Crude oil prices fell by over 5% during the regular trading session, but recovered a bit in after-hours trading. The market is on pace to complete its fourth consecutive week of gains and close out the month of February with gains after suffering losses in January. ECONOMIC EVENTS: In the U.S., the Consumer Price Index fell 0.7% in January, with the core rate rising 0.2%, versus expectations for the headline CPI to be down 0.6% and the core rate to rise 0.1%. Initial jobless claims rose 31K to 313K in the week ended February 21, versus expectations for 290K first-time claims. Durable goods orders rose 2.8% in January, versus expectations for a 1.6% increase. The FHFA home price index rose 0.8% to 218.6 in December, versus expectations for an increase of 0.5%. COMPANY NEWS: The Federal Communications Commission voted 3 to 2 in favor of adopting new open Internet, or "net neutrality," rules. FCC Chairman Tom Wheeler has proposed that the FCC use its Title II authority to implement and enforce "bright-line" rules to ban paid prioritization and the blocking and throttling of lawful content and services. However, Wheeler said his proposal will "modernize" Title II, insuring there will be no rate regulation, no tariffs, and no last-mile unbundling. Major Internet Service Providers, including Verizon (VZ), AT&T (T), and Comcast (CMCSA), have opposed the rules, while Netflix (NFLX) has been a strong and vocal supporter of open Internet provisions... Shares of International Business Machines (IBM) slipped $1.94, or 1.19%, to $160.87 after Big Blue held its investor day meeting in NYC. At the meeting, IBM backed its fiscal year profit view but also said that the company now expects currency to impact revenue growth by over 6 points for the full year, which is greater than the impact previously provided based on January 16 spot rates. IBM also said it was shifting $4B into "strategic initiatives," including Big Data, the Cloud, mobile, social and security... Barnes & Noble (BKS) rose $1.67, or 6.89%, to $25.92 after announcing plans to split its Education business from its Retail and NOOK Digital businesses. The separation into two independent, publicly traded companies is anticipated to be completed by the end of August and is intended to be a tax-free distribution to shareholders, B&N noted. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which jumped $1.57, or 24.69%, to $7.93 after the company agreed to be acquired by Avago Technologies (AVGO) for $606M, or $8 per share in cash. Avago also rose $16.57, or 14.71%, to $129.25 after announcing the deal and reporting "beat and raise" quarterly results. Also higher was UIL Holdings (UIL), which gained $9.74, or 23.01%, to $52.07 after the company agreed to be acquired by Iberdrola USA to create a newly listed U.S. publicly-traded company. The proposed transaction implies total value per share to UIL shareholders of $52.75, including $10.50 per share paid in the form of cash, the companies said. Among the noteworthy losers was Clayton Williams (CWEI), which fell $11.41, or 17.77%, to $52.79 after the company suspended drilling operations in both of its core resource plays, citing low oil prices, and its shares were downgraded at Wunderlich. Also lower following their earnings reports were network solutions provider Inteliquent (IQNT), which dropped $3.05, or 17.33%, to $14.55, and electric weapons maker TASER (TASR), which slid $4.36, or 16.14%, to $22.68. INDEXES: The Dow fell 10.15, or -0.06%, to 18,214.42, the Nasdaq gained 20.75, or 0.42%, to 4,987.89, and the S&P 500 declined 3.12, or 0.15%, to 2,110.74.
13:11 EDTVZVerizon: Title II regulations a 'net' loss for innovation, customers
Michael E. Glover, Verizon senior VP, public policy and government affairs said "Today's decision by the FCC to encumber broadband Internet services with badly antiquated regulations is a radical step that presages a time of uncertainty for consumers, innovators and investors. Over the past two decades a bipartisan, light-touch policy approach unleashed unprecedented investment and enabled the broadband Internet age consumers now enjoy. The FCC today chose to change the way the commercial Internet has operated since its creation. Changing a platform that has been so successful should be done, if at all, only after careful policy analysis, full transparency, and by the legislature, which is constitutionally charged with determining policy. As a result, it is likely that history will judge today's actions as misguided. The FCC's move is especially regrettable because it is wholly unnecessary. The FCC had targeted tools available to preserve an open Internet, but instead chose to use this order as an excuse to adopt 300-plus pages of broad and open-ended regulatory arcana that will have unintended negative consequences for consumers and various parts of the Internet ecosystem for years to come. What has been and will remain constant before, during and after the existence of any regulations is Verizon's commitment to an open Internet that provides consumers with competitive broadband choices and Internet access when, where, and how they want."
13:00 EDTCVC, VZ, TWC, CMCSAFCC votes in favor of adopting net neutrality proposals
The Federal Communications Commission voted 3 to 2 in favor of adopting new open Internet, or "net neutrality," rules. FCC Chairman Tom Wheeler has proposed that the FCC use its Title II authority to implement and enforce open Internet protections, with "bright-line" rules to ban paid prioritization and the blocking and throttling of lawful content and services. However, Wheeler said his proposal will "modernize" Title II, insuring there will be no rate regulation, no tariffs, and no last-mile unbundling. Major Internet Service Providers, including AT&T (T), Comcast (CMCSA), and Verizon (VZ), have opposed FCC Chairman Wheeler's proposals to treat Internet service similar to a utility. Other companies that provide Internet services include Time Warner Cable (TWC), CenturyLink (CTL), DIRECTV (DTV), Cablevision (CVC) and Lumos Networks (LMOS). Netflix (NFLX) has strongly supported open Internet provisions. Cogent Communications (CCOI) and Level 3 Communications (LVLT) are facilities-based providers of Internet access and Internet Protocol communications services that are likely to be impacted by FCC rules on net neutrality.
12:55 EDTTWC, CMCSA, VZFCC Chair says open Internet proposals not a plan to control the Internet
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12:48 EDTDISEarnings Preview: J.C. Penney sees Q4 SSS at high end of 2%-4% view
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10:00 EDTCVCOn The Fly: Analyst Downgrade SummaryStarz
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07:32 EDTVZThe FCCto hold an open commission meeting on net neutrality
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05:43 EDTTWC, CMCSA, CVCCablevision downgraded to Sell from Hold at Brean Capital
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February 25, 2015
12:48 EDTTWC, CMCSAAnalysts upbeat on Comcast despite mixed results
After Comcast (CMCSA) yesterday reported lower than expected fourth quarter profits and higher than expected revenue, analysts remained upbeat on cable giantís outlook. WHAT'S NEW: Weak revenue from NBC Universal, along with lower than expected TV and Internet subscriber totals, weighed on Comcast's results in Q4, Pacific Crest analyst Andy Hargreaves wrote in a note to investors today. Meanwhile, Comcastís profits were hurt by $99M of expenses during the quarter related to its pending acquisition of Time Warner Cable (TWC), the analyst reported. However, the investments that Comcast is making in its broadband and video platform should make its offerings superior to its competitors in all parts of the country, causing its broadband subscriber base to continue to grow, the analyst stated. In a favorable scenario, Comcast's video subscriber totals could rise in 2016, added Hargreaves. Additionally, Comcast's acquisition of Time Warner Cable (TWC) will be approved, enabling it to benefit from synergies, predicted Hargreaves, who kept a $65 price target and Outperform rating on Comcast. Gregory Miller, an analyst at Canaccord, raised his price target on the shares to $70 from $62. The company's results indicate that its underlying operations are solid, Miller wrote. Moreover, Comcast's comments suggest that the growth of the company's cable business could accelerate this year, while NBC's broadcast and theme park businesses could stay strong, according to Miller. The analyst believes that the Time Warner Cable deal will probably be approved. He reiterated a Buy rating on Comcast. PRICE ACTION: In early afternoon trading, Comcast rose 1% to $60.
11:47 EDTDISAnalysts clash on DreamWorks following Q4 miss
The shares of animated film and television show maker DreamWorks (DWA) are rising, despite the weaker than expected results reported by the company last night. Two analysts offered very different views on the company's outlook following its results. BACKGROUND: DreamWorks last night reported a fourth quarter per share loss of ($3.08), versus analysts' consensus outlook for a ($3.01) per share loss. The company's revenue also came in below expectations. Excluding $210M in pre-tax charges associated with DreamWorks' restructuring plan, its loss was (75c) per share, the company stated. BEARISH TAKE: In a note to investors today, FBR Capital analyst Barton Crockett wrote that DreamWorks' results were "ugly," as they included $155M of write-offs on films and TV shows. However, Crockett believes that the crucial factor for the company's outlook is whether it can consistently compete with the entertainment giants, including Disney (DIS), Viacom (VIA), and Time Warner (TWX). Crockett is not convinced that DreamWorks will be able to hold its own, and he believes that its 2015 results could come in below expectations. The analyst warned that the company may have difficulty meeting its 2015 consumer products revenue guidance. DreamWorks expects its consumer products revenue to double this year, but the movie-based toy space is "very competitive" in 2015, as toys based on multiple popular children's films are set to be released, Crockett stated. Moreover, after conducting checks online, Crockett reports that there does not seem to be a great deal of interest in DreamWorks' movie "Home," which is set to be released on March 27. He kept an Underperform rating on the shares and raised his price target on the stock to $14 from $12. BULLISH TAKE: DreamWorks' results were mixed, but the results are not very important, Piper Jaffray analyst James Marsh stated. The company's guidance for its TV and consumer products businesses were solid, the analyst believes. Moreover, the company "took specific and decisive action" to avert a liquidity crunch, Marsh wrote. Specifically, DreamWorks raised $185M of capital by selling its real estate in Glendale, California and then leasing it back, and increased the size of its current credit facility to $450M from $400M, Marsh reported. The moves should "largely" eliminate investors' worries about the company's liquidity position, Marsh stated. He kept a $26 price target and Overweight rating on the stock. WHAT'S NOTABLE: On DreamWorks' earnings conference call last night, the company's CEO Jeffrey Katzenberg stated that it did not obtain more than 10% of its revenue from Netflix (NFLX) last year. However, in an SEC filing earlier this morning, DreamWorks clarified that it had obtained 14.9% of its revenue from Netflix last year. PRICE ACTION: In late morning trading, DreamWorks rose 5.6% to $22.31.
08:38 EDTCVCCablevision reports Q4 Cable net revenues up 3.1% to $1.45B
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08:34 EDTCVCCablevision reports total customers as of December 31 of 3.12M
08:31 EDTCVCCablevision reports Q4 EPS 20c, consensus 19c
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08:28 EDTCMCSA, TWCComcast shares still attractive, says Pacific Crest
After Comcast (CMCSA) reported lower than expected Q4 EPS, Pacific Crest continues to expect the company's acquisition of Time Warner Cable (TWC) to close, and continues to believe that Comcast's stock can rise, driven by synergies, broadband demand, and higher than expected 2016 video subscriptions. Pacific Crest keeps a $65 price target and Outperform rating on the shares.
07:25 EDTTWC, CMCSAComcast price target raised to $70 from $62 at Canaccord
Canaccord raised its price target on Comcast (CMCSA) to $70 from $62 despite weaker than expected Q4 results. The firm cited expectations for continued momentum with Cable Communications, Broadcast, and Theme Parks as well as its merger with Time Warner Cable (TWC). Canaccord maintained its Buy rating on Comcast shares.
February 24, 2015
15:21 EDTCVCNotable companies reporting before tomorrow's open
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12:13 EDTVZU.S. Cellular lowering prices on shared connect plans
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09:09 EDTCMCSA, TWCComcast confident Time Warner Cable transaction to close in early 2015
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08:58 EDTCMCSAComcast sees 2015 program expenses similar to levels of 2014
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08:41 EDTCMCSAComcast confirms support for free and open Internet
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