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Stock Market & Financial Investment News

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February 4, 2014
14:19 EDTTWXEarnings Preview: Time Warner set for Q4 earnings as Time Inc. spin-off looms
Time Warner (TWX) is set to report fourth quarter earnings before the market opens on Wednesday, February 5, with a conference call scheduled for 10:30 am ET. Time Warner, a media and entertainment company, owns HBO, CNN, and Warner Bros., among other properties. Time Warner has announced that it plans to spin off its publishing unit, Time Inc., into a separate, publicly traded company by the second quarter of this year. EXPECTATIONS: Analysts are looking for earnings per share of $1.15 on revenue of $8.39B, according to First Call. The consensus range for EPS is $1.12-$1.18 on revenue of $8.21B-$8.66B. With its Q3 earnings release, Time Warner affirmed its FY13 outlook, saying it sees EPS growth in the mid-teens off a base of $3.24. The consensus estimate for FY13 EPS is currently $3.75. On its Q3 earnings conference call, Time Warner said it sees Q4 adjusted EPS flat against the prior year. LAST QUARTER: Time Warner reported Q3 adjusted EPS of $1.01 against estimates for 89c on revenue of $6.86B against estimates for $6.94B. Time Warner, which announced plans to spin-off of its Time Inc. publishing assets last March, said it expects to complete its divestiture in Q2. A report in Reuters earlier today said Time Inc. plans to restructure its operations, including eliminating 500 positions globally, in preparation of its spin-off. A December report from Capital New York said that CNN CEO Jeff Zucker is planning "massive changes" at the network, including more series and films in lieu of "obvious" news coverage. A Financial Times on January 23 said 40 senior journalists from CNN were let go as part of this reorganization under Zucker. STREET RESEARCH: Wall Street research has been relatively quiet on Time Warner during the quarter. In early December, analysts at Guggenheim downgraded Time Warner to Neutral from Buy, lowering their price target on shares to $73 from $80. Later that same month, Wells Fargo said Time Warner's risk/reward is positive, with the firm saying it does not believe the spin-off of Time Inc. is priced in, saying it sees its $73-$75 price target on shares as conservative. Shares of Time Warner are Outperform rated at Wells Fargo. In a note to investors earlier this month, analysts at Argus said the coming spin-off of Time Inc. could be transformative for Time Warner. PRICE ACTION: Shares of Time Warner, which gained more than 46% in 2013, are down over 10% year-to-date. In afternoon trading ahead of its Q4 report, shares of Time Warner are up 1.1%.
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July 16, 2014
11:45 EDTTWXMedia stocks rally after Time Warner rejects Fox bid
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10:44 EDTTWXOptions with increasing implied volatility: KORS TWX RVBD
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09:23 EDTTWXOn The Fly: Pre-market Movers
HIGHER: Time Warner (TWX), up 15% after company confirmed that it rejected an $80B takeover offer from 21st Century Fox (FOX, FOXA), as had been reported earlier this morning... Apple (AAPL), up 2% after announcing an enterprise mobile partnership with IBM (IBM), which is also up 2%... International Game (IGT), up 9.5% after agreeing to be acquired by GTECH for $4.7B in cash and stock... FireEye (FEYE), up 5% after shares upgraded at Goldman... Precision Drilling (PDS), up 4% after announcing strategic agreement with Schlumberger (SLB), upgraded at Deutsche Bank... Mellanox (MLNX), up 4.7% following upgrade at Jefferies. UP AFTER EARNINGS: Intel (INTC), up 5.4%... HCA Holdings (HCA), up 6%... Textron (TXT), up 3.2%... Abbott (ABT), up 1%. DOWN AFTER EARNINGS: PNC Financial (PNC), down 2.5%... MGIC Investment (MTG), down 3.6%. LOWER: Yahoo (YHOO), down 3% after downgraded at CRT Capital following second quarter earnings report... Ares Capital (ARCC), down 2.5% after filing to sell 11.85M shares of common stock... Nationstar (NSM), down 2.4% after downgraded at Wells Fargo... Walter Investment (WAC), which was also downgraded at Wells Fargo, down 1.6%.
09:04 EDTTWXTime Warner says 21st Century Fox offer 'not in best interests of stockholders'
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09:01 EDTTWXTime Warner rejects unsolicited proposal from 21st Century Fox
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09:00 EDTTWXTime Warner rejects unsolicited proposal from 21st Century Fox
08:16 EDTTWX21st Century Fox says not currently in discussions with Time Warner
08:15 EDTTWX21st Century Fox says Time Warner board declined to pursue proposal
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08:14 EDTTWX21st Century Fox confirms proposal to combine with Time Warner
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08:14 EDTTWX21st Century Fox confirms proposal to combine with Time Warner
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08:07 EDTTWXFox willing to pay over $85/share for Time Warner, Bloomberg reports
Rupert Murdoch's 21st Century Fox is willing to pay more than $85 per share for Time Warner (TWX), Bloomberg reports, citing a person with knowledge of the matter. Shares of Time Warner are trading up 20% in pre-open trading to $85.10 after Andrew Ross Sorkin reported that the company formally rejected an $80B, $85 per share takeover bid from Fox. Shares of Fox are trading up 56c to $35.75. Reference Link
07:43 EDTTWXDiscovery volatility expected to move on Time Warner rejecting 21st Century Fox
Discovery (DISCA) volatility expected to move after Time Warner (TWX) rejected an $80B offer from 21st Century Fox, (FOXA). Overall option implied volatility of 25 is near its 26-week average of according to Track Data, suggesting non-directional price movement. Discovery is expected to release of Q2 results on July 31.
07:30 EDTTWXTime Warner turned down $80B offer from 21st Century Fox, NYT says
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07:25 EDTTWX21st Century Fox volatility expected to move on Time Warner rejecting $80B offer
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07:23 EDTTWXTime Warner volatility expected to move,rejects $80B offer from 21st Century Fox
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07:12 EDTTWXTime Warner rejected $80B offer from 21st Century Fox, CNBC reports
Time Warner (TWX) has formally rejected an $80B takeover offer from Rupert Murdoch's 21st Century Fox (FOXA), CNBC's Andrew Ross Sorkin reports, citing sources. The deal valued Time Warner at $85 per share and included 60% non-voting stock and 40% cash, Sorkin added. Fox would raise $24B in financing for the deal, he noted. Fox also planned on spinning off its CNN unit in an attempt to appease regulators, the reporter said. Rupert Murdoch remains "determined" to buy Time Warner, Sorkin noted, believing a combination would generate at least $1B in synergies. Time Warner has hired Citigroup and others following receipt of 21st Century Fox's offer, Sorkin added. Shares of Time Warner rallied 13% to $79.97 in pre-open trading following Sorkin's report. The stock closed yesterday down 67c to $71.01.
07:06 EDTTWXTime Warner rejected $80B offer from 21st Century Fox, CNBC reports
07:04 EDTTWXRupert Murdoch 'determined' to own Time Warner, CNBC reports
07:04 EDTTWXTime Warner hired Citigroup, others after 21st Century Fox offer, CNBC says
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07:02 EDTTWXTime Warner rejected $85/share offer from 21st Century Fox, CNBC says
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