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December 27, 2012
15:19 EDTRLD, CKEC, SNE, DWA, VIA, IMAX, RGC, TWX, NWSA, DIS, CNK, LGF, VIABHollywood ticket sales increase for the first time in three years, AP says
The number of movie tickets sold in the U.S. increased for the first time in three years, reported the Associated Press earlier. Ticket sales are projected to jump 5.6% to 1.36B by December 31, according to box-office tracker Reference Link
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February 9, 2016
16:24 EDTDISDisney reports Q1 Media Networks operating income down 6% to $1.4B
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16:23 EDTDISDisney CEO says Q1 results driven by 'phenomenal success' of Star Wars
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16:22 EDTDISDisney reports Q1 EPS Media Networks revenue $6.33B vs. $5.86B last year
Reports Q1 Media Networks revenue $6.33B vs. $5.86B last year, Parks and Resorts revenue $4.28B vs. $3.91B last year, Studio Entertainment revenue $2.72B vs. $1.86B last year, Consumer Products and Interactive Media revenue $1.91B vs. $1.76B last year.
16:20 EDTDISDisney reports Q1 EPS ex-items $1.63, consensus $1.45
Reports Q1 revenue $15.24B, consensus $14.75B.
16:09 EDTDISOptions Update; February 9, 2016
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16:04 EDTRGCRegal Entertainment reports Q4 adjusted EPS 36c, consensus 32c
Reports Q4 revenue $848.2M, consensus $840.9M.
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14:50 EDTDISDisney February weekly 91 straddle priced for 5.9% movement into Q4
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14:36 EDTTWXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Time Warner (TWX), consensus $1.01... Humana (HUM), consensus $1.45... Owens Corning (OC), consensus 45c... Carlyle Group (CG), consensus 31c... Medidata (MDSO), consensus 24c.
14:36 EDTRGC, DISNotable companies reporting after market close
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13:34 EDTDISDisney technical notes ahead of results
The shares are in an active downtrend with a bearish double top pattern in play. The downside for the pattern is to the $80 area, if it completes. If the news is a bearish disappointment, the pattern is likely to continue to unfold. Initial support is at the 52-week low at $89.04. If the news is a positive surprise, the first level of significance is resistance at the $100 area. Resistance levels on the way are at $93.46 and $96.43.
13:25 EDTVIA, VIABFox, Viacom drop on earnings as Bernstein says linear TV still 'doomed'
21st Century Fox (FOX, FOXA) and Viacom (VIA, VIAB) are trading lower after issuing their latest quarterly reports, with some Wall Street analysts reiterating doom-and-gloom views on the linear TV programming upon which the two media giants have traditionally relied. RESULTS: Fox reported second quarter adjusted earnings per share of 44c, in-line with analyst consensus estimate. Revenue was $7.38B against expectations for $7.51B, with film revenue slowing to $2.36B from last year's $2.75B. During the company's Q2 earnings conference call, 21st Century Fox said it sees its fiscal 2016 EBITDA to be flat to up by a low single digits percentage. Viacom reported first quarter adjusted EPS of $1.18, also in-line with estimates. Revenue was $3.15B against expectations for $3.26B, with domestic ad revenue declining 4%. UBS SEES GROWTH COMING FOR FOX: UBS analyst Meghan Durkin said Tuesday that, despite Fox once again cutting its outlook for 2016 earnings before expenses, growth looks set to lift off for the company through 2019. Current headwinds appear less worrisome than the previous operational issues in the company's broadcast unit; cable subscriber trends have been improving, likely due to a lessening impact from skinny bundles; and U.S. ad results are also improving and should see further boosts from the upcoming presidential elections, the analyst noted. That said, Durkin conceded that few investors will have confidence in her team's bullish growth outlook, but Fox's potential 11% compounded annual growth rate is worth the wait, she argued. Durkin reiterated her Buy rating on the shares while lowering her 2016 earnings per share outlook by 12c to $1.68, noting that Fox's film release schedule for the year "appears much better positioned," though impacts from unfavorable foreign currency exchange remains a "minor swing factor." STILL POSITIVE ON VIACOM: Shifting focus to Viacom, Evercore analyst Vijay Jayant noted today that the company's Q1 ad sales saw sequential improvement, driven by higher prices and moderated ratings declines on the back of investments in content and marketing initiatives. Affiliate fees were lighter than expected, however, which the analyst pinned on the timing of Viacom's digital distribution agreements and presumably its rate reset with AT&T (T). Viacom also announced a global partnership with the popular video messaging service Snapchat, which Jayant said fits well with Viacom's strategy of targeting millennials. The analyst kept a Buy rating and $60 price target on the shares. VALUE TRAP: Taking the more negative outlook, Topeka analyst David Miller said he still struggles to get more constructive on Viacom in the wake of today's results, which missed not just the Street's forecast but also the company's own predictions. Viacom's Paramount film division contracted 15% and the company still faces a "host" of secular challenges, leading Miller to cut his price target to $44 from $45 and caution that the stock continues to be a value trap for investors. Even more bombastic was research firm Bernstein, which reiterated its view that Viacom's old business of serving kids and teens through linear programming is "doomed," while new efforts to grab that demographic through digital outlets is "unlikely" to be won by Viacom. Even if the company succeeds in its on-demand, digital efforts, the margins offered by that business line are "vastly inferior," and today's deal with Snapchat doesn't appear to change that. PRICE ACTION: Shares of Viacom have crashed 15% to $35.51 in afternoon trading, while Fox has slipped 3% to $23.83.
12:56 EDTTWXTime Warner volatility elevated into Q4 and outlook
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12:36 EDTTWXWarner Bros. Consumer Products, Mattel announce partnership with Target
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12:18 EDTVIA, VIAB, DISOn The Fly: Top stock stories at midday
Stocks have moved in a fairly wide range, with the Dow beginning the session with triple digit losses, moving briefly into positive territory, and now hovering near the flat line. Oil prices continue to dictate the equity market's direction, as each move of oil prices toward the plus side is followed by a subsequently positive move for stocks. With oil back below $30 per barrel, the major averages have found it hard to maintain any upward momentum. ECONOMIC EVENTS: In the U.S., wholesale sales dipped 0.3% in December, while inventories fell 0.1%. The Labor Department's Job Openings and Labor Turnover Survey showed job openings rose 261,000 in December to about 5.61M. In Asia, most major markets remain closed for Chinese New Year, but one of the exceptions, Japan, saw its main indexes plunge, as the Nikkei dropped 5.4% and the Topix fell 5.5%. COMPANY NEWS: Class A shares of 21st Century Fox (FOXA) declined 3% after the company reported lower than expected second quarter revenue, while peer Viacom (VIAB) tumbled 15% following its own revenue miss. The results of the two media conglomerates weighed on the largest name in the space, Disney (DIS), which fell 1% near noon ahead of its own earnings report, which is due after the closing bell today. MAJOR MOVERS: Among the notable gainers was Salesforce (CRM), which rose 5% after it was upgraded to Hold from Underperform at Jefferies. Also higher was Boston Scientific (BSX), which gained 4% after it announced that Medicare will cover its Watchman LAAC device. In addition, Belden (BDC) and Goodyear Tire (GT) were up 20% and 5%, respectively, after reporting quarterly earnings. Among the noteworthy losers was ITC Holdings (ITC), which fell 2% after it agreed to be acquired by Fortis in a cash and stock deal valued at $11.3B. Also lower were Plains All American (PAA), Bristow Group (BRS) and HCP (HCP), which were down 14%, 24%, and 15%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was down 75.85, or 0.47%, to 15,951.20, the Nasdaq was down 16.69, or 0.39%, to 4,267.06, and the S&P 500 was down 8.08, or 0.44%, to 1,845.36.
12:03 EDTDISStocks with call strike movement; DIS MSFT
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11:09 EDTDISEarnings Watch: 'Star Wars,' ESPN in focus as Disney reports Q1 earnings
The Walt Disney Company (DIS) is scheduled to report first quarter earnings after the market close on Tuesday, February 9 with a conference call scheduled for 5:00 pm ET. The Walt Disney Company is a diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. EXPECTATIONS: Analysts are looking for earnings per share of $1.45 on revenue of $14.75B, according to First Call. The consensus range for EPS is $1.27-$1.55 on revenue of $13.51B-$15.95B. LAST QUARTER: Disney reported fourth quarter adjusted EPS of $1.20, beating estimates for $1.14, on revenue of $13.51B, just missing estimates for $13.55B. Media Networks revenue for Q4 was $5.83B vs. $5.22 in the year-ago period, Parks and Resorts revenue was $4.36B vs. $3.96B a year earlier. The company also said Studio Entertainment for Q4 was $1.78B, Consumer Products revenue was $1.2B and Interactive revenue was $347M. Operating income at Cable Networks increased$381M to $1.7B in Q4. Speaking on CNBC, Chief Executive Officer Bob Iger said the company is "really bullish" on ESPN and said the channel's future "remains very bright." Iger also commented that the company was seeing "a different media environment in general," with more competition for the consumer. Iger later said on the company's earnings conference call that "We like the environment because we think long-term it gives us more opportunities." NEWS: During the quarter, The Wall Street Journal reported that Hulu, a joint venture with Disney, Comcast (CMCSA, CMCSK) and Fox (FOX, FOXA), was in talks to sell a stake in the company to Time Warner (TWX) that would value the service at more than $5B. In a November regulatory filing, Disney disclosed that domestic subscribers for ESPN as of October 3, 2015 were 92M, a decline of 3M subscribers from the previous year, as estimated by Nielsen Media Research. In December, The Financial Times said that Disney doubled its stake in youth focused media group Vice Media to $400M. In December, Disney's "Star Wars: The Force Awakens" shattered U.S. box office records, debuting at $238M domestically for the weekend of December 20, beating analyst estimates of $200M-$230M. "Star Wars: The Force Awakens" has since crossed the $900M mark at the domestic box office, making it the only picture in history to reach this milestone. Additionally, "Star Wars" reached the $2B mark worldwide, becoming only the third film ever to do so and just the second to do it in original release. Disney's success from the newest "Star Wars" film has been somewhat overshadowed by the increase in cord-cutting and its troubling impact on ESPN, Steven Russolillo of the Wall Street Journal's Ahead of the Tape said ahead of the company's Q1 earnings. STREET RESEARCH: On the day after Disney's Q4 earnings report, Piper Jaffray analyst James Marsh said he felt the stock's valuation largely reflected the current outlook. Jefferies analyst John Janedis lowered his price target for Disney to $92 from $112 on February 1, saying domestic growth at the parks is likely to moderate. He believes investors will focus on ESPN, Shanghai and Disney's domestic parks. In January, Atlantic Equities analyst Hamilton Faber downgraded Disney to Neutral from Overweight and cut his price target to $104 from $148. Faber looked at how cord cutting will affect ESPN and is concerned about high levels of fixed costs in its sports rights while ESPN faces revenue headwinds. Also in January, JPMorgan analyst Alexia Quadrani lowered her price target for Disney shares to $120 from $124 but calls the stock "extremely attractive" at current levels. She said that concern over ESPN subscriber losses is being exaggerated. PRICE ACTION: Year-to-date, Disney shares are down over 13%. Ahead of Tuesday afternoon's earnings report, shares are lower by over 1% to $90.96.
10:30 EDTLGFLionsgate selloff overdone as long-term prospects improve, says Barrington
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10:11 EDTVIABViacom falls sharply, levels to watch
Shares were last at $37.18, down over 11%. At that price next support is at $36.32, the 52-week low. Resistance is at $38.71.
09:34 EDTDISActive equity options trading on open
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