Following a strong second-quarter earnings report and guidance that was deemed by many observers, including myself, as conservative, Dow Jones (DJ) shares rallied from $33 to $37. The rally stalled and reversed around Labor Day. Last Tuesday we learned why. DJ lowered its third-quarter earnings guidance to 8 cents-11 cents from a previous target in […]
I spent last Thursday at the annual analyst meeting for Central European Media Enterprises (CETV). The news was good as CETV slightly raised EBITDA guidance due to more rapid than expected improvement at TV Nova in the Czech Republic. Results at this station are the most critical aspect of the CETV story for the next […]
Time Warner (TWX) announced the details of its plan to slim down its magazine division. The company will sell 18 smaller titles in a deal expected to raise $300 million, according to an article in today’s Wall Street Journal. The big titles, including Time, Sports Illustrated and People, are staying put. The article quotes Anne […]
New York Times (NYT) announced that it is selling its TV station group. The group contains nine stations that management says will produce $43 million in earnings before interest, taxes, depreciation and amortization (EBITDA) in 2006. Recent transactions in TV have been around 13x EBITDA, potentially creating proceeds of $560 million. In the past, management […]
Sears Holding (SHLD) announced that it is increasing its share repurchase authorization by $500 million. About $118 million remains on the prior $1.5 billion authorization. So far, the company has repurchased 11 million shares at an average price of $126.14. As of August 29, the company had 154 million shares outstanding. At current prices, the […]
Tuesday’s rumor has it that Eddie Lampert is putting Sears Holding (SHLD) cash to work buying Home Depot (HD) shares. SHLD traded up on the news, and the stock has now recovered pretty much all the losses immediately post earnings. Those losses were due to either fears that (1) the share buyback would slow and […]
Overall, the Apple Computer (AAPL) announcements were in line with my expectations. I almost got right the new wireless device that will get the video you download to iTunes over to your TV: It’s not a MacMini; it’s just half the size. This product, due in the first quarter of 2007, is probably the most […]
NTL Incorporated (NTLI) CEO Stephen Burch made a presentation at Jefferies 4th Annual Communications Conference. The company made no comments and took no questions related to the status of negotiations with private equity firms over the possible takeover of NTLI. Based on press reports there is clearly something going on related to private equity. Whether […]
Sometime later today, Apple will unveil its long awaited new products and services. Consensus seems firmly to predict that new higher capacity iPod nanos with new outside covers will be introduced. Consensus has also coalesced around the launch of an iTunes movie store. The remaining question is what else might be coming. The invitation apparently […]
Today’s news that Telecom Italia plans to sell its mobile phone unit and focus on media investments reminds me that despite multiple compression and secular challenges, the media business is still viewed as sexy and seems to have an unblemished ability to draw wealthy investors. According to the Wall Street Journal Chairman Marco Tronchetti Provera […]
