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News Breaks
January 1, 2013
15:57 EDTCRWN, AMCX, TWCTime Warner temporarily extends carriage of some channels, WSJ says
Time Warner Cable (TWC) temporarily extends carriage of little watched TV channels owned by AMC Networks (AMCX) IFC and WE tv, on its lineup, the companies said earlier on Monday.Time Warner Cable also reached a deal with Crown Media Holdings (CRWN) to continue carrying Crown's channels, including the Hallmark Channel. Current TV, the news channel cofounded by Al Gore, also remained on the air, says the Wall Street Journal. Reference Link
News For TWC;AMCX;CRWN From The Last 14 Days
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October 9, 2015
08:20 EDTAMCXTop quality video content to outperform, says Pacific Crest
Pacific Crest predicts that companies with top quality video content will outperform, taking share from those with mid-range content. It identifies this trend as positive for Netflix, AMC Networks (AMCX), Time Warner (TWX), Disney (DIS), CBS (CBS), and 21st Century Fox (FOXA). According to the firm, this trend is negative for Viacom (VIAB), Scripps Networks (SNI), Discovery (DISCA), and Comcast (CMCSA)
08:14 EDTTWCOutlook for video distributors mixed, says Pacific Crest
Pacific Crest believes that the shift to Internet video will accelerate, likely creating high profits for "the largest and most differentiated" TV distribution players. It identifies current trends as positive for Netflix (NFLX), Google (GOOG, GOOGL) and Apple (AAPL). It predicts that Comcast (CMCSA), DISH (DISH), AT&T (T), Time Warner Cable (TWC), and Verizon (VZ) will be hurt by the current trends.
October 8, 2015
15:42 EDTTWCCogent, Time Warner Cable enter interconnection agreement
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September 30, 2015
17:04 EDTTWCEarthLink, Time Warner Cable extend high-speed service agreement
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13:33 EDTTWCFCC review of Charter-TWC deal likely to extend into 1Q16, CTFN says
The FCC's review of Charter Communications' (CHTR) proposed merger with Time Warner Cable (TWC) and Bright House Networks will likely extend into the first quarter of 2016 and could take even longer, CTFN reports, citing an attorney who often deals with telecom issues before the FCC. "...It is virtually impossible for the FCC to complete its review and adopt an order approving the license transfer before 1Q16 and, in my opinion, even getting it done before April 1 is a stretch," Barbara Esbin, a partner at law firm Cinnamon Mueller, told CTFN in an email. Esbin also said that the merger "appears to have drawn none of the heavy flack that felled Comcast (CMCSA)-TWC," a proposal that was nixed by the FCC and DOJ earlier this year, the report says. California utility regulators are also preparing for their own review of the deal since it will particularly effect the southern half of the state, the report says. Reference Link
September 29, 2015
12:57 EDTTWCFCC nod for TWC, Charter deal may not be as easy as expected, dealReporter says
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September 28, 2015
09:12 EDTTWCRovi news a 'small positive first step,' says JPMorgan
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08:07 EDTTWCRovi, Time Warner Cable extend existing agreement
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September 25, 2015
10:48 EDTAMCXMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.

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