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August 6, 2014
13:41 EDTFOX, NWSA, FOXA, TWXEarnings Preview: Fox withdraws Time Warner offer prior to Q4 earnings
21st Century Fox (FOXA, FOX) is scheduled to report fourth quarter earnings after the market close on Wednesday, August 6, with a conference call scheduled for 4:30 pm ET. 21st Century Fox is a media company that operates the cable, broadcast, and film assets formerly bundled under the News Corp. (NWSA) umbrella. EXPECTATIONS: Analysts are looking for EPS of 38c on revenue of $7.99B, according to First Call. The consensus range for EPS is 36c-41c on revenue of $7.59B-$8.54B. LAST QUARTER: Fox reported third quarter adjusted EPS of 47c on revenue of $8.22B, which compared to estimates for earnings of 35c on revenue of $7.99B, respectively. Fox reported Q3 cable network revenue of $3.15B and filmed entertainment revenue of $2.28B. Fox reported that its Q3 television revenue was $1.59B. COMPANY NEWS: On June 10, Fox said in a filing that president and COO Chase Carey agreed to a two-year contract extension. On June 16, Both Time Warner (TWX) and Fox confirmed an earlier CNBC report that Time Warner rejected an $80B takeover offer from Fox. Time Warner said it turned down Fox's offer to acquire all of the outstanding shares of the company for a combination of 1.531 of Fox Class A non-voting common shares and $32.42 in cash per share. Time Warner added that its board is confident that continuing to execute its strategic plan will "create significantly more value for the company and its stockholders and is superior to any proposal that Fox is in a position to offer." 21st Century Fox also confirmed that it made a formal proposal to Time Warner, which was rejected, and added that the companies are not currently in any discussions. On August 5, however, Fox announced that it has withdrawn its proposal to acquire Time Warner. Chairman and CEO Rupert Murdoch commented: "We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands. Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer." On July 25, Fox announced that it transferred Sky Italia and its 57.4% interest in Sky Deutschland to BSkyB to create a pan-European digital television leader through the combination of these assets. In exchange for the transfer, Fox will receive approximately $9.3B in value from BSkyB comprised of approximately $8.6B in cash and BSkyBís 21% interest in National Geographic Channels International, raising Foxís ownership stake to 73%. In addition, Fox participated in BSkyBís announced equity offering by purchasing approximately $900M of additional shares in BSkyB to maintain the companyís 39.1% ownership interest. The net, after-tax cash proceeds to be received by Fox upon completion of all the elements of this transaction approximated $7.2B. STREET RESEARCH: Wall Street research had been quiet on Fox during the quarter. On July 1, Goldman Sachs downgraded Fox to Buy from Conviction Buy after cutting its rating on the U.S. Entertainment sector to Neutral from Attractive. Right after the company confirmed its Time Warner takeover offer, ISI Group downgraded Fox to Buy from Strong Buy and removed shares from the Top Picks list following news of its buyout bid for the firm. Cowen downgraded Fox to Market Perform from Outperform on July 23. PRICE ACTION: Since the first day of trade following its Q3 report, shares of Fox are roughly unchanged. In afternoon trading ahead of its Q4 report, Fox is up more than 4.6%.
News For FOXA;FOX;TWX;NWSA From The Last 14 Days
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November 30, 2015
09:59 EDTNWSATribune Publishing disputes Murdoch tweet, says not in talks to sell
Shares of multi-platform media and marketing solutions company Tribune Publishing (TPUB) are surging in morning trading after Rupert Murdoch said that the company would likely be sold, However, Tribune has come out in response to state that it is not in discussions to sell the company. WHAT'S NEW: On Friday, Rupert Murdoch, the chairman and chief executive officer of News Corp (NWSA, NWS), said in a tweet that there was "strong word" that Tribune would be sold and that the LA Times would be spun off to a local group involving philanthropist Eli Broad. In an e-mailed message to employees on Monday, Tribune said it wanted to address the rumor regarding a potential purchase of the company, and said that "While our policy is not to comment on rumors, given the source of this speculation and the fact that it has received considerable public attention, the company believes a statement to employees is warranted." Tribune reaffirmed that it is committed to its strategy and transformation plan and that it is not engaged in talks or a process to sell the company. WHAT'S NOTABLE: Newsonomics' Ken Doctor reported that private equity firm Apollo Global Management (APO) approached Tribune "about a month ago," telling Tribune's Chairman Eddy Hartenstein about its interest in buying the company. Doctor notes that Tribune was "non-responsive" to requests for talks, and was "unwilling to schedule meetings or provide deeper-than-public financials." Doctor believes that, given Tribune's market capitalization and debt, a purchase price could be in the $650M-$750M range. Tribune has reportedly engaged a small group of newspaper veterans to "plot its next strategy, should an acquisition be finalized." PRICE ACTION: Tribune Publishing is up 9.2% to $10.14 in morning trading. OTHERS TO WATCH: Shares of other newspaper publishers, including McClatchy (MNI) and Gannett (GCI), are also higher this morning.
06:24 EDTTWX, FOXNetworks aiming to protect TV rights amid streaming battle, WSJ says
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November 29, 2015
19:31 EDTNWSAMurdoch says Tribune newspaper group likely to be acquired
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17:53 EDTTWX, FOX, FOXA'Hunger Games' stays ahead of competition as Pixar sees slight miss
"The Hunger Games: Mockingjay - Part 2" held on to its box office lead despite competition from Pixar's latest animated film and a strong performance from Rocky Balboa's latest outing, "Creed." WEEKEND LEADER: Lionsgate's (LGF) "The Hunger Games: Mockingjay - Part 2" took in $51.6M domestically for the weekend of November 29 while battling several new releases over the Thanksgiving holiday. The film's roughly 49% slip from its box office open last weekend was not as severe as that seen by previous entries in the series, whose dystopic science-fiction saga has now wound to a close for Lionsgate. BOX OFFICE RUNNERS-UP: Disney (DIS) Pixar's "The Good Dinosaur" opened at $39.2M in the U.S. against expectations for $54M, a rare miss for the studio. In an interview with Bloomberg following the release of this weekend's numbers, Walt Disney Studios' executive Dave Hollis commented, "With every release it is a little bit less about how we start and really more about how we finish. [The film's open has] set us up in a great way." Meanwhile, Warner Bros.' (TWX) "Creed" debuted at $30.1M versus estimates for $26M. "Creed," which marks the seventh Rocky Balboa boxing film, stars Sylvester Stallone as mentor and trainer to the son of Apollo Creed, a previous antagonist in the series. Rounding out the weekend's top five were Sony's (SNE) "Spectre" and Fox's (FOX, FOXA) "The Peanuts Movie," which earned a respective $12.8M and $9.7M. Fox's "Victor Frankenstein" failed to place in the top 10, grossing $2.4M against an approximate budget of $40M.
November 27, 2015
13:22 EDTTWX, FOXA, FOXOn The Fly: Top stock stories for Friday
Stocks on Wall Street were mixed following the short Black Friday session. In addition to periodic checks on traffic at malls and big box retailers, the day's media coverage was dominated by discussion of Disney's disclosure that subscribers for ESPN have dropped about 3% from last year's levels. ECONOMIC EVENTS: In the U.S., no major data was released, as several reports that usually come out on Thursdays or Fridays were accelerated into Wednesday due to the holiday. In China, shares of brokerages sold off sharply, with Citic Securities, Founder Securities and China Merchants all falling about 10% on news that the China Securities Regulatory Commission had launched investigations into the firms in an effort to limit short selling and speculation. Amid the rout in the brokerages, the Shanghai Composite index tumbled 5.5%. COMPANY NEWS: Shares of Disney (DIS) fell $3.56, or 3.0%, to $115.11 after the media giant disclosed in a regulatory filing late Wednesday that domestic subscribers for ESPN were estimated to have declined by 3M. As of October 3, ESPN had 92M subscribers in the U.S., as estimated by Nielsen Media Research. In the company's 10-K filing last year, Disney stated that Nielsen estimated that ESPN had 95M subscribers as of September 27, 2014. Disney's weakness weighed on its big media peers as well, with Twenty-First Century Fox (FOX, FOXA) falling 1.2%, Time Warner (TWX) dropping 0.74% and Viacom (VIA, VIAB) sliding 1.8%... Amazon (AMZN) shares were flattish, falling 0.3% despite Adobe Systems estimating that online shoppers in the U.S. would spend $1.7B in online shopping by the end of the day on Thanksgiving, a 22% jump from last year. Additionally, ChannelAdvisor estimated that Amazon had a "strong showing" on Thanksgiving day, calculating that its same-store sales grew 28.9% compared to last year. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rose 3.8% to $9.23 after the Centers for Medicare and Medicaid Services, or CMS, posted the 2016 Clinical Diagnostic Laboratory Fee Schedule. Exact Sciences announced this morning that it has requested that CMS clarify the 2016 reimbursement rate for the company's Cologuard test. Also higher were shares of KaloBios Pharmaceuticals (KBIO), which jumped 30.8% to $34.83 after its new CEO, Martin Shkreli, announced last night via his Twitter account that after speaking with his counsel and advisers that he has decided to stop lending his KaloBios shares out until he "better [understands] the advantages of doing so." Among the noteworthy losers were a number of oil and gas explorers, as Pioneer Energy Services (PES), Stone Energy (SGY) and Southwestern Energy (SWN) fell 8%, 10.2% and 7.2%, respectively, during another down day for oil prices. INDEXES: The Dow fell 14.90, or 0.08%, to 17,798.49, the Nasdaq gained 11.38, or 0.2%, to 5,127.52, and the S&P 500 added 1.24, or 0.06%, to 2,090.11.
07:45 EDTTWX, FOXAAmazon plans to let Prime users add other online networks, Bloomberg reports
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November 25, 2015
18:50 EDTFOX, FOXAAmazon to add other networks, channels to Prime Video, Bloomberg says
Amazon (AMZN) will soon partner with "major, well-known" movie and TV channels for its Amazon Prime Instant Video streaming service, allowing customers to add other online subscriptions to their accounts, reports Bloomberg, citing sources. Prime Instant Video will also feature videos and branding from the new partners, most of which expect some form of revenue sharing with Amazon, and the company is working to allow users to directly log in to other streaming services using their Amazon credentials. The company will also sell prepackaged bundles, said the sources, adding that the features could launch as early as next month. The publication notes that the move may help Amazon better compete with Netflix (NFLX) and Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA). Reference Link
November 22, 2015
16:22 EDTFOX, FOXA'Hunger Games' finale opens below series average
Though showing clear dominance in the box office rankings, the final film in the "Hunger Games" saga missed analyst estimates in its domestic open. WEEKEND LEADER: Lionsgate's (LGF) "The Hunger Games: Mockingjay - Part 2" debuted at $101M domestically for the weekend of November 22, missing expectations for $120M-$127M and coming in markedly below the series' $144M first-weekend average. The final entry in the dystopic science fiction tetralogy also saw a weaker open than last year's $121M launch for "Mockingjay - Part 1," though reviews have been slightly stronger. BOX OFFICE RUNNERS-UP: Sony's (SNE) latest James Bond outing "Spectre" slipped to second place at the U.S. box office with $14.6M, while Fox's (FOX, FOXA) "The Peanuts Movie" took in $12.8M. Rounding out the weekend's Top 5 were Sony's "The Night Before" and STX's "The Secret In Their Eyes," with the two newcomers earning a respective $10.1M and $6.6M.
November 20, 2015
13:00 EDTNWSADow Jones, Pearson to sell stakes in Vedomosti
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11:45 EDTFOX, TWX, FOXABox Office Battle: 'Hunger Games' finale expected to top box office
Lions Gate's (LGF) "The Hunger Games: Mockingjay - Part 2," the final movie based on the dystopian young adult novels, is opening this weekend at 4,175 theaters and is expecting a domestic gross in the range of $120M-$127M. Piper Jaffray analyst James Marsh said in a note to investors on November 18 that he expects the film to open domestically in the $130M range, above where it is tracking, due to limited competition and the addition of IMAX (IMAX) screens. Piper maintained its Overweight rating and $45 price target on Lions Gate shares at that time. "The Hunger Games" main competition is "Spectre" and "The Peanuts Movie," both of which are in their third weekend of release. Sony's (SNE) "Spectre," starring Daniel Craig as James Bond, is expected to earn another $15.2M-$16.8M. Fox's (FOX, FOXA) G-rated family film, starring a 3D-animated Charlie Brown, is predicted to earn an additional $12.5M-$13.2M. In other box office news, the Wall Street Journal reported that Disney's (DIS) "Star Wars: The Force Awakens," which hits theaters on December 18, has had record-breaking pre-sales. Fandango said the film has already sold more tickets than any other movie before its release, which is still four weeks away, and IMAX said the movie has "doubled" its prior pre-sales record of about $9M. Other publicly traded companies involved in filmmaking include Comcast (CMCSA, CMCSK), Time Warner (TWX), and Viacom (VIA, VIAB).
November 19, 2015
10:02 EDTFOXA21st Century Fox establishes partnership with Tony Sella
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November 18, 2015
17:44 EDTTWXTCS Capital reports 10.9% stake in Central European Media, urges sale of company
In a regulatory filing reporting its position in the company, TCS Capital stated it delivered a letter on November 18 to Central European Media's (CETV) chairman and board of directors urging the hiring of a financial adviser to explore a sale of the company. In the letter, TCS expressed concern about the "poor performance" of the company's stock price, which it believes is "directly tied to Time Warner's (TWX) dominant position as both the largest debt and equity holder" of Central European.
06:16 EDTFOXA, FOXComcast dumps YES Network, WSJ reports
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November 17, 2015
09:14 EDTTWXDolby, VUDU to release Warner Bros. titles for Dolby Vision
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08:56 EDTTWXTime Warner announces proposed debt offering
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