For the first time since late December the weekend box office fell on a year-over-year basis. Weekend receipts for the top 12 films were $89.2 million according to BoxOfficeMojo.com, a drop of 15.8% from a year ago. The box office is still up 12% this year, a better than expected performance. Next week provides another […]
Time Warner (TWX) has hired one of Google’s most senior executives to run AOL. Tim Armstrong was a member of Google’s Operating Committee and President of Americas Operations. Armstrong also has a background in traditional media including developing internet properties at traditional media companies. Armstrong is undoubtedly totally loaded due to his 8 plus years […]
I have pointed out repeatedly that media stocks are suffering a two pronged assault from cyclical and secular challenges. Making matters worse is that the cyclical downturn in the economy might be accelerating secular trends. Investors certainly believe this as evidenced by the combination of falling near-term and long-term estimates and a drop in relative […]
Bloomberg is reporting a March 17th event to provide a “sneak peak” at new iPhone software, version 3.0. The company introduced a new, next generation shuffle and is now updating iPhone software (the iPhone is all about software). This is being done with Steve Jobs nowhere to be seen and without a rollout at MacWorld. […]
Pali Research is out with a new report on NII Holdings (NIHD). They are reiterating their buy and establishing a $25 price target. The cut estimates further and moved below management guidance but attributed 90% of the reduction to further weakening in the Mexican Peso. In my recent update on NIHD, I explained that underlying […]
The Weekend box office continued its year long win streak but for the second consecutive weekend there was a disappointment from a highly anticipated film. Led by Watchmen, the box office rose 12.7% according to BoxOfficeMojo.com. Every weekend since late December is positive and year-to-date total receipts for the North American box office are up […]
NII Holdings (NIHD) reported 4Q08 results and provided 2009 guidance at the end of February. I thought the 4Q figures were quite good considering the economic environment but the stock sold off sharply due to guidance that was below estimates. However, the guidance miss was due to foreign currency, in particular, the weakness of the […]
The bear market accelerated in February. I think three things were at work. First, economic statistics on a global basis decelerated rapidly in January and February. Second, as corporations reported their year end results they confirmed the accelerating weakness in the economy. Third, Wall Street frustration with government’s response to the crisis boiled over. Put […]
Central European Media Enterprises (CETV) reported mixed 4Q08 results excluding impairment charges and currency impacts. Commentary on 2009 was much bleaker than the company had previously admitted but was more or less in line with recent analyst comments and estimates. In fact, Goldman this morning made virtually no changes to its model. The story on […]
I finally got something right. Discovery Communications (DISCA) reported another positive surprise (EBITDA +23%, margins +700 basis points) and provided upbeat 2009 guidance. The stock responded by jumping 15%, leaving it within 10% of its mid-September, pre-crash level. 4Q08 benefited from continued strength in domestic and international advertising, ongoing growth in domestic and international distribution […]
