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Stock Market & Financial Investment News

News Breaks
August 6, 2014
13:41 EDTNWSA, FOXA, TWX, FOXEarnings 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 On August 5, however, Fox announced that it has withdrawn its proposal to acquire Time Warner.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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March 20, 2015
08:13 EDTFOXCanada to 'unbundle' cable TV offerings by December 2016
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06:36 EDTTWXWeb TV companies ask internet providers for special treatment, WSJ says
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06:28 EDTNWSAReuters' news sites 'inaccessible' in China, Reuters reports
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March 19, 2015
07:23 EDTFOXEvercore ISI to hold a tour
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07:04 EDTFOXA, FOXAmerican Express confirms plans to launch Plenti loyalty program
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06:55 EDTTWXCertain news agencies form advertising alliance to rival Google, others, BI says
The Guardian, CNN International, The Financial Times , Reuters (TRI) and The Economist are forming an advertising alliance, called Pangaea, in hopes of rivaling Google (GOOG), Facebook (FB), Twitter (TWTR), and LinkedIn (LNKD), reports Business Insider UK. The Financial Times is owned by Pearson (PSO), The Economist Group is 50% owned by Pearson via The Financial Times, and CNN is owned by Time Warner (TWX). Reference Link
05:24 EDTNWSANews Corp builds investment plan in APN News to 14.99% stake
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March 18, 2015
13:23 EDTTWXBattleground: Oppenheimer weighs in on Netflix with positive note
The recent weakness in Netflix's (NFLX) stock has created a buying opportunity, Oppenheimer wrote in a note to investors today. Oppenheimer's upbeat note comes after research firm Stifel issued a positive note on the stock yesterday and a third firm, Evercore ISI, downgraded the shares to sell on Monday. BULLISH TAKE: Noting that Netflix's stock has dropped 15% from its 52-week high, Oppenheimer analyst Jason Helfstein said that the decline creates a good buying opportunity ahead a number of "tier 1" original show launches by the company. History indicates that tier 1 original shows have the most impact on the company's net subscriber additions, the analyst stated. Worries about competition have weighed on the shares, but Netflix can beat the competition by using its data to provide superior programming, according to the analyst. He kept a $483 price target and Outperform rating on the shares. Stifel analyst Scott Devitt yesterday stated that concerns about the company's competition are overdone, as Netflix's positioning in the U.S. is as strong as ever and continues to improve as it adds more content. Time Warner's (TWX) upcoming launch of a video on demand service called HBO Now is the primary cause of the decline in Netflix's stock, Devitt contended, noting he views the HBO Now launch as "a non-event" for Netflix. Most Netflix subscribers who obtain HBO Now will probably keep both services, Devitt believes. BEARISH TAKE: Evercore ISI analyst Ken Sena on Monday downgraded Netflix shares to Sell from Hold. Increased competition will force the company to raise its investments, and the return from those investments is uncertain, the analyst contended. In the U.S., technological advancements are enabling content providers to sell their programming to a wider range of Internet video distributors. Moreover, content providers themselves are now able to stream more of their programming online and obtain higher profits from doing so, Sena reported. Netflix's international expansion will not be sufficient to offset the increased competition, especially because foreign viewers are likely to watch less TV and be less interested in paying for TV content, the analyst believes, adding that Netflix will face even more competition overseas than in the U.S. Sela reduced his price target on the shares to $380 from $450. PRICE ACTION: In mid-afternoon trading, Netflix was little changed near $418 per share.
12:09 EDTTWX, FOX, FOXASony announces launch of PlayStation Vue in New York, Chicago, Philadelphia
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09:23 EDTFOXAVerizon may launch mobile TV service as soon as June, Bloomberg says
Verizon (VZ) has secured mobile television streaming rights with Viacom (VIA, VIAB) and DreamWorks Animation (DWA) and plans to start a mobile video streaming service as early as June, according to Bloomberg, citing a person familiar with the matter. Verizon plans to have programming from ABC (DIS), NBC (CMCSA), CBS (CBS) and Fox (FOXA) as part of the service, the report added. The Fly notes that Verizon has publicly confirmed previously that it plans to launch such a service, but has not provided many details to date.
07:54 EDTFOXComcast may be forced to put content on Apple TV, NY Post says
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06:16 EDTFOX, FOXAAmerican Express to launch Plenti loyalty program this spring, WSJ reports
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March 17, 2015
17:19 EDTTWXTime Warner, CBS CEOs discussed possible merger last year, Bloomberg reports
CBS (CBS) CEO Les Moonves and Time Warner (TWX) CEO Jeff Bewkes had discussions about combining their companies in meetings last year, Bloomberg reports, citing three people with knowledge of the matter. Reference Link
15:56 EDTTWXTime Warner, CBS CEOs discussed possible merger last year, Bloomberg reports
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13:06 EDTFOXA, TWXBattleground: Analysts take opposite sides on Netflix
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11:36 EDTFOXAApple may launch standalone TV in 2016, says Piper Jaffray
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05:46 EDTFOX, TWXApple set to launch online TV service this year, Financial Times reports
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March 16, 2015
15:24 EDTTWXCablevision to provide HBO NOW via Optimum Online
Cablevision (CVC) and Time Warner's (TWX) Home Box Office announced that they have reached an agreement to offer standalone streaming service HBO NOW to Optimum Online customers via the internet. Optimum is the first cable provider to partner with HBO to offer the new service, which is expected to launch in April in time for the fifth season of Game of Thrones, the companies said. Cablevision plans to provide pricing and other particulars for HBO NOW in the coming weeks. Terms of the agreement were not disclosed. Apple (AAPL) and Time Warner announced on March 9 that HBO NOW will premier on Apple devices in April.
15:13 EDTNWSANews Corp. management to meet with Jefferies
Meeting to be held in Boston on March 20 hosted by Jefferies.
10:44 EDTNWSA, TWXNetflix retreats after cut to sell on competition, cost concerns
The shares of Netflix (NFLX) are falling after research firm Evercore ISI downgraded the stock to Sell from Hold. Increased competition will force the company to increase its investments and the return from those investments is uncertain, the firm contends. WHAT'S NEW: In the U.S., technological advancements are enabling content providers to sell their programming to a wider range of Internet video distributors, Evercore ISI analyst Ken Sena wrote in a note to investors earlier today. Moreover, content providers themselves are now able to stream more of their programming online and obtain higher profits from doing so, Sena reported. The analyst noted that Apple (AAPL) recently obtained a three month exclusive deal to stream content form Time Warner's (TWX) HBO Now, while Yahoo (YHOO), Amazon (AMZN), and Hulu (DIS, CMCSA, NWSA) are all reportedly interested in obtaining streaming rights to "Seinfeld." Netflix's international expansion will not be sufficient to offset the increased competition, especially because foreign viewers are likely to watch less TV and be less interested in paying for TV content, the analyst believes. Furthermore, Netflix will face more competition from other Internet TV services overseas than in the U.S., according to Sena, who cut his 2015 consolidated operating income estimate for the company by 26% to $381M from $517M previously. In addition to cutting his rating, Sena lowered his price target on the shares to $380 from $450. PRICE ACTION: In early trading, Netflix sank $16, or 3.7%, to $422.
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