Liberty Media: Split In Two Offers Little Near-Term Upside

Not a lot of value added in the Liberty Media (L) 4Q05 earnings release or conference call. As expected, all of the discussion concerned operating results at QVC and Starz Encore and the upcoming restructuring of L into two stocks. I can accept the complex analyst spreadsheets that suggest L shares have a net asset […]

Dreamworks Animation: No Reason To Own

Dreamworks Animation (DWA) 4Q05 earnings were slightly better than expected, coming in at 49 cents after adjustment for two one-time items. Before adjustments, EPS were 61 cents. Consensus expectations called for 42 cents. Revenue exactly matched estimates, coming in at $173 million. As expected, 4Q results were driven almost entirely by DVD sales of Madagascar […]