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<title>Minyanville - Steve Birenberg RSS</title>
<description>
The Trusted Choice for the Wall Street Voice
</description>
<link>
		http://www.minyanville.com</link>
<copyright>
		2013Minyanville Publishing and Multimedia, LLC. All Rights Reserved
</copyright>
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<title><![CDATA[Will Aereo Threaten Broadcasters and Their Owners?]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Will-Aereo-Threaten-Broadcasters-and-Their/4/4/2013/id/49082</link>
<pubDate>
			Thu, 4 Apr 2013 16:06:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/Will-Aereo-Threaten-Broadcasters-and-Their/4/4/2013/id/49082</guid>
<description>
<![CDATA[The big excitement recently in media stocks has been the court victory for Aereo over the major broadcast networks. Aereo is an over-the-top delivery service for broadcast networks (and maybe eventually cable networks) that allows a consumer to subscribe to a service that brings ABC, NBC, CBS, FOX, the CW, independent broadcast stations, and Spanish langauge stations to customers&#39; smartphones, tablets, Macs, PCs, and Internet connected TVs. Right now, Aereo is only offered in New York City but the company, which is owned by Barry Diller's IAC/InterActiveCorp (NASDAQ:IACI), plans to expand to at least 20 more cities this year. 

Victory ]]>
</description>
<content:encoded>
	<![CDATA[The big excitement recently in media stocks has been the court victory for Aereo over the major broadcast networks. Aereo is an over-the-top delivery service for broadcast networks (and maybe eventually cable networks) that allows a consumer to subscribe to a service that brings ABC, NBC, CBS, FOX, the CW, independent broadcast stations, and Spanish langauge stations to customers&#39; smartphones, tablets, Macs, PCs, and Internet connected TVs. Right now, Aereo is only offered in New York City but the company, which is owned by Barry Diller's IAC/InterActiveCorp (NASDAQ:IACI), plans to expand to at least 20 more cities this year. 

Victory ]]>
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<title><![CDATA[TV Ads: What This Year's Upfront Selling Season Says About Media Stocks]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/TV-Ads253A-What-This-Year2527s-Upfront/3/25/2013/id/48909</link>
<pubDate>
			Mon, 25 Mar 2013 15:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/TV-Ads253A-What-This-Year2527s-Upfront/3/25/2013/id/48909</guid>
<description>
<![CDATA[It is the time of the year where media stock investors shift their eyes to the annual upfront selling season for network TV ads.  Every spring broadcast and cable TV network owners present their program lineups for the upcoming fall TV season and sell ads to major advertisers.  The upfront selling season provides a barometer for the health of the ad market which in turn impacts sentiment toward media stocks.  The big players here are News Corporation (NASDAQ:NWSA), Walt Disney (NYSE:DIS), and Comcast (NASDAQ:CMCSA) (NASDAQ:CMCSK) which own a broadcast network and a stable of cable networks.  CBS (NYSE:CBS) may be ]]>
</description>
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	<![CDATA[It is the time of the year where media stock investors shift their eyes to the annual upfront selling season for network TV ads.  Every spring broadcast and cable TV network owners present their program lineups for the upcoming fall TV season and sell ads to major advertisers.  The upfront selling season provides a barometer for the health of the ad market which in turn impacts sentiment toward media stocks.  The big players here are News Corporation (NASDAQ:NWSA), Walt Disney (NYSE:DIS), and Comcast (NASDAQ:CMCSA) (NASDAQ:CMCSK) which own a broadcast network and a stable of cable networks.  CBS (NYSE:CBS) may be ]]>
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<title><![CDATA[Media Stocks: Investors Can Expect to Make Money on This Megacap]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Media-Stocks-Investors-Can-Expect-to/2/13/2013/id/48068</link>
<pubDate>
			Wed, 13 Feb 2013 11:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/Media-Stocks-Investors-Can-Expect-to/2/13/2013/id/48068</guid>
<description>
<![CDATA[Admittedly a boring idea, but I am recommending Walt Disney (NYSE:DIS) with potential upside of 20% over the next 12 months. The shares have done well but lagged some other major media and entertainment stocks over the past six months as the company endured a period of slow earnings growth. I believe the current quarter will flip the earnings trajectory and the stock will move higher with earnings and modest multiple expansion. 2013 and 2014 consensus EPS estimates call for $3.44 and $3.88. Looking out to later in 2013, I think the shares can trade at 17 times 2014 estimates ]]>
</description>
<content:encoded>
	<![CDATA[Admittedly a boring idea, but I am recommending Walt Disney (NYSE:DIS) with potential upside of 20% over the next 12 months. The shares have done well but lagged some other major media and entertainment stocks over the past six months as the company endured a period of slow earnings growth. I believe the current quarter will flip the earnings trajectory and the stock will move higher with earnings and modest multiple expansion. 2013 and 2014 consensus EPS estimates call for $3.44 and $3.88. Looking out to later in 2013, I think the shares can trade at 17 times 2014 estimates ]]>
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<title><![CDATA[Where Are Qualcomm and EMC Headed After This Earnings Season?]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/stocks/articles/Where-Are-Qualcomm-and-EMC-Headed/2/6/2013/id/47913</link>
<pubDate>
			Wed, 6 Feb 2013 09:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/stocks/articles/Where-Are-Qualcomm-and-EMC-Headed/2/6/2013/id/47913</guid>
<description>
<![CDATA[Last week, two of  my firm's stock holdings in the technology sector reported earnings. The verdict was mixed: Qualcomm (NASDAQ:QCOM) reported another outstanding quarter and issuing guidance for 2013 above Wall Street expectations, while EMC Corporation (NYSE:EMC) reported earnings inline with recently lowered Wall Street estimates, but issued slightly disappointing guidance.
 
As would be expected, QCOM shares responded well to the company's earnings and guidance, rising more than 5%. Interestingly, after an initial sell-off, EMC shares firmed up. In fact, backing out a 20% drop in the shares of EMC's 80%-owned subsidiary VMware (NYSE:VMW), the implied valuation of EMC's 100%-owned ]]>
</description>
<content:encoded>
	<![CDATA[Last week, two of  my firm's stock holdings in the technology sector reported earnings. The verdict was mixed: Qualcomm (NASDAQ:QCOM) reported another outstanding quarter and issuing guidance for 2013 above Wall Street expectations, while EMC Corporation (NYSE:EMC) reported earnings inline with recently lowered Wall Street estimates, but issued slightly disappointing guidance.
 
As would be expected, QCOM shares responded well to the company's earnings and guidance, rising more than 5%. Interestingly, after an initial sell-off, EMC shares firmed up. In fact, backing out a 20% drop in the shares of EMC's 80%-owned subsidiary VMware (NYSE:VMW), the implied valuation of EMC's 100%-owned ]]>
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<title><![CDATA[Apple May Be in the Penalty Box, but Growth Will Resume]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/Apple-In-the-Penalty-Box-But/1/24/2013/id/47593</link>
<pubDate>
			Thu, 24 Jan 2013 08:55:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/Apple-In-the-Penalty-Box-But/1/24/2013/id/47593</guid>
<description>
<![CDATA[Apple (NASDAQ:AAPL) reported largely in-line December quarter results.  Revenues of $54.5 billion were barely shy of consensus and EPS of $13.81 were barely above consensus.  Gross margins exceeded guidance and were close to the most optimistic Street estimates.  Product sales were about as expected except for Macs, which missed by lot.

Guidance was below the Street as usual. There was hope that guidance would be closer to the analyst estimates which would have eased concerns about demand for iPhones and iPads, gross margins, and negative datapoints from the supply chain.

The actual earnings and guidance were greeted by a quick ]]>
</description>
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	<![CDATA[Apple (NASDAQ:AAPL) reported largely in-line December quarter results.  Revenues of $54.5 billion were barely shy of consensus and EPS of $13.81 were barely above consensus.  Gross margins exceeded guidance and were close to the most optimistic Street estimates.  Product sales were about as expected except for Macs, which missed by lot.

Guidance was below the Street as usual. There was hope that guidance would be closer to the analyst estimates which would have eased concerns about demand for iPhones and iPads, gross margins, and negative datapoints from the supply chain.

The actual earnings and guidance were greeted by a quick ]]>
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<title><![CDATA[After Falling for Years, Spending on Home Video Is Finally Stabilizing]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Home-Video-Spending-Stabilizing-home-video/1/16/2013/id/47418</link>
<pubDate>
			Wed, 16 Jan 2013 15:10:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/Home-Video-Spending-Stabilizing-home-video/1/16/2013/id/47418</guid>
<description>
<![CDATA[Somewhat lost in all the talk about over-the-top content, TV Everywhere, cord cutting, and the health of the scatter market for advertising, home video spending stabilized in 2012. After falling precipitously for several years, The Digital Entertainment Group reported that spending on home video was unchanged in 2012 after a slight fall of 1.5% in the fourth quarter. With annual spending of $18 billion, this is a material improvement for entertainment companies who produce the content that is sold and rented in the home video market.

Two things appear to be happening. First, digital revenue is growing strongly, up in ]]>
</description>
<content:encoded>
	<![CDATA[Somewhat lost in all the talk about over-the-top content, TV Everywhere, cord cutting, and the health of the scatter market for advertising, home video spending stabilized in 2012. After falling precipitously for several years, The Digital Entertainment Group reported that spending on home video was unchanged in 2012 after a slight fall of 1.5% in the fourth quarter. With annual spending of $18 billion, this is a material improvement for entertainment companies who produce the content that is sold and rented in the home video market.

Two things appear to be happening. First, digital revenue is growing strongly, up in ]]>
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<title><![CDATA[Fee Pressure Latest Threat to 'Old' Network TV Model?]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Affiliate-Fees-New-Threat-to-TV/1/10/2013/id/47287</link>
<pubDate>
			Thu, 10 Jan 2013 10:40:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/Affiliate-Fees-New-Threat-to-TV/1/10/2013/id/47287</guid>
<description>
<![CDATA[Al Jazeera's buyout of Current TV at a seemingly high valuation of $500 million triggered lots of discussion about the future of low-rated cable networks. The Current TV buyout was immediately greeted by an announcement from Time Warner Cable (NYSE:TWC) about dropping the service, taking away 9 million subs. Time Warner Cable has been at the forefront of aggressive affiliate fee negotiations with low-rated cable networks. The multiple system operator (MSO) is leading the charge to reduce or eliminate affiliate fees for low-rated networks.

The pressure at the bottom end of the ratings table &ndash; and the high end of ]]>
</description>
<content:encoded>
	<![CDATA[Al Jazeera's buyout of Current TV at a seemingly high valuation of $500 million triggered lots of discussion about the future of low-rated cable networks. The Current TV buyout was immediately greeted by an announcement from Time Warner Cable (NYSE:TWC) about dropping the service, taking away 9 million subs. Time Warner Cable has been at the forefront of aggressive affiliate fee negotiations with low-rated cable networks. The multiple system operator (MSO) is leading the charge to reduce or eliminate affiliate fees for low-rated networks.

The pressure at the bottom end of the ratings table &ndash; and the high end of ]]>
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<title><![CDATA[Why Advertising Growth Forecasts Are Looking More Bullish]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/2013-advertising-growth-forecasts-could-be/1/3/2013/id/47093</link>
<pubDate>
			Thu, 3 Jan 2013 16:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/2013-advertising-growth-forecasts-could-be/1/3/2013/id/47093</guid>
<description>
<![CDATA[Advertising-supported media stocks soared on Monday and Wednesday as the stock market rallied sharply as the fiscal cliff negotiations led to a deal. Estimates for 2013 advertising growth had been coming down steadily since summer.  Mostly, prognosticators, including Wall Street analysts, were focused on the possibility of a weak consumer spending environment in early 2013 if tax increases kicked in.

The final agreement does raise taxes sharply on income above $400,000 for individuals and $450,000 for joint filers. This impacts less than 2% of households. Lower and middle income taxpayers did not avoid a tax increase. The 2% cut in ]]>
</description>
<content:encoded>
	<![CDATA[Advertising-supported media stocks soared on Monday and Wednesday as the stock market rallied sharply as the fiscal cliff negotiations led to a deal. Estimates for 2013 advertising growth had been coming down steadily since summer.  Mostly, prognosticators, including Wall Street analysts, were focused on the possibility of a weak consumer spending environment in early 2013 if tax increases kicked in.

The final agreement does raise taxes sharply on income above $400,000 for individuals and $450,000 for joint filers. This impacts less than 2% of households. Lower and middle income taxpayers did not avoid a tax increase. The 2% cut in ]]>
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<title><![CDATA[Who Were Top Performers for Media and Communications in 2012?]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Media-and-communications-on-the-nice/12/27/2012/id/46979</link>
<pubDate>
			Thu, 27 Dec 2012 15:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/Media-and-communications-on-the-nice/12/27/2012/id/46979</guid>
<description>
<![CDATA[The stock market looks set to close with 2012 as a good year despite an economic recovery that remains subpar for many American households and businesses. The S&P 500 (INDEXSP:.INX) is up almost 13%, the Nasdaq (INDEXNASDAQ:.IXIC) is up almost 15%, and the Russell 2000 (INDEXRUSSELL:RUT) is up over 13%. Even overseas markets are having a good year, ignoring slowing growth in China and ongoing crisis in European sovereign debt. The major exchange-traded funds representing international developed and emerging markets, are each up about 14%.

Markets have rallied in 2012 against many challenges for several reasons. First, central banks around ]]>
</description>
<content:encoded>
	<![CDATA[The stock market looks set to close with 2012 as a good year despite an economic recovery that remains subpar for many American households and businesses. The S&P 500 (INDEXSP:.INX) is up almost 13%, the Nasdaq (INDEXNASDAQ:.IXIC) is up almost 15%, and the Russell 2000 (INDEXRUSSELL:RUT) is up over 13%. Even overseas markets are having a good year, ignoring slowing growth in China and ongoing crisis in European sovereign debt. The major exchange-traded funds representing international developed and emerging markets, are each up about 14%.

Markets have rallied in 2012 against many challenges for several reasons. First, central banks around ]]>
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<title><![CDATA[Fiscal Cliff-Driven Transactions in Sirius, Wynn, Others Make for an Unusually Busy December]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/money-managers-portfolios-year-end-fiscal/12/14/2012/id/46687</link>
<pubDate>
			Fri, 14 Dec 2012 15:30:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/money-managers-portfolios-year-end-fiscal/12/14/2012/id/46687</guid>
<description>
<![CDATA[Often in December, money managers are watching client portfolios for year-end adjustments, including tax-based transactions and hedging to preserve gains.  Most years, news flow is not high.  Earnings are reported in the first half of the quarter and companies seem to be focused on operations as year-end approaches. 

This does not seem to be the case in 2012.  A surprising number of transactions are taking place, many seemingly driven by the fiscal cliff and the prospect of higher tax rates on dividends and capital gains in 2013.  Within the broadly defined media, entertainment, and communications sector, there have been a ]]>
</description>
<content:encoded>
	<![CDATA[Often in December, money managers are watching client portfolios for year-end adjustments, including tax-based transactions and hedging to preserve gains.  Most years, news flow is not high.  Earnings are reported in the first half of the quarter and companies seem to be focused on operations as year-end approaches. 

This does not seem to be the case in 2012.  A surprising number of transactions are taking place, many seemingly driven by the fiscal cliff and the prospect of higher tax rates on dividends and capital gains in 2013.  Within the broadly defined media, entertainment, and communications sector, there have been a ]]>
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<title><![CDATA[AT&T Wireless Slips to Fourth at Consumer Reports, but Should Investors Care?]]></title>
<link>
			http://www.minyanville.com/sectors/technology/articles/AT2526T-Wireless-Slips-to-Fourth-at/12/6/2012/id/46406</link>
<pubDate>
			Thu, 6 Dec 2012 13:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/technology/articles/AT2526T-Wireless-Slips-to-Fourth-at/12/6/2012/id/46406</guid>
<description>
<![CDATA[Last week, Consumer Reports came out with their ratings for wireless service providers. Verizon (NYSE:VZ) continues to lead the pack for postpaid providers with AT&T (NYSE:T) lagging. AT&T did score well for its 4G service, which is becoming the lead service offering in the industry. As a result, AT&T may see some improvement in Consumer Reports rankings going forward.
 
As I read the article, I got to thinking about whether ratings such as these mattered to investors. The answer, of course, depends on whether or not there is linkage between ratings and subscriber growth. Or maybe the answer depends on ]]>
</description>
<content:encoded>
	<![CDATA[Last week, Consumer Reports came out with their ratings for wireless service providers. Verizon (NYSE:VZ) continues to lead the pack for postpaid providers with AT&T (NYSE:T) lagging. AT&T did score well for its 4G service, which is becoming the lead service offering in the industry. As a result, AT&T may see some improvement in Consumer Reports rankings going forward.
 
As I read the article, I got to thinking about whether ratings such as these mattered to investors. The answer, of course, depends on whether or not there is linkage between ratings and subscriber growth. Or maybe the answer depends on ]]>
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<title><![CDATA[Wall Street Appears Happy With Early Holiday Sales]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/Wall-Street-Appears-Happy-With-Early/11/28/2012/id/46161</link>
<pubDate>
			Wed, 28 Nov 2012 15:15:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/Wall-Street-Appears-Happy-With-Early/11/28/2012/id/46161</guid>
<description>
<![CDATA[With Thanksgiving and third-quarter earnings in the books, Wall Street is focusing on holiday sales and the fiscal cliff. These two items will dictate sentiment toward media and communications stocks, with ad-supported media companies on the front lines.  So far, the news on holiday sales appears pretty good.

The National Retail Federation notes that the number shoppers in stores and on websites rose 9% over the Black Friday weekend to 247 million. Spending per shopper rose 6% to $398 and total spending was up 13% to $59 billion. Retailers were very promotional as we have to come expect during the ]]>
</description>
<content:encoded>
	<![CDATA[With Thanksgiving and third-quarter earnings in the books, Wall Street is focusing on holiday sales and the fiscal cliff. These two items will dictate sentiment toward media and communications stocks, with ad-supported media companies on the front lines.  So far, the news on holiday sales appears pretty good.

The National Retail Federation notes that the number shoppers in stores and on websites rose 9% over the Black Friday weekend to 247 million. Spending per shopper rose 6% to $398 and total spending was up 13% to $59 billion. Retailers were very promotional as we have to come expect during the ]]>
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<title><![CDATA[TV Ratings Are Bad. Have We Reached the Tipping Point?]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/TV-Ratings-Are-Bad-media-media/11/21/2012/id/46013</link>
<pubDate>
			Wed, 21 Nov 2012 15:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/TV-Ratings-Are-Bad-media-media/11/21/2012/id/46013</guid>
<description>
<![CDATA[Recently, I received several Wall Street research reports reviewing October TV ratings for the major broadcast and cable networks.  In a word, the data is ugly. According to a note from Morgan Stanely's excellent analyst, Benjamin Swinburne, broadcast nets were down 9% in October on a channel sharing (or CS) basis in primetime and down 12% for live-only, all for Adults 18-49. Cable networks are gaining share, but they don't appear to be gaining viewers as the Top 40 nets saw C3 down 2% and live-only down 2%.

Some of the numbers at broadcast are astonishing. Fox (NASDAQ:NWSA) is down ]]>
</description>
<content:encoded>
	<![CDATA[Recently, I received several Wall Street research reports reviewing October TV ratings for the major broadcast and cable networks.  In a word, the data is ugly. According to a note from Morgan Stanely's excellent analyst, Benjamin Swinburne, broadcast nets were down 9% in October on a channel sharing (or CS) basis in primetime and down 12% for live-only, all for Adults 18-49. Cable networks are gaining share, but they don't appear to be gaining viewers as the Top 40 nets saw C3 down 2% and live-only down 2%.

Some of the numbers at broadcast are astonishing. Fox (NASDAQ:NWSA) is down ]]>
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<title><![CDATA[Turn the Page: Winners and Losers in the Media Sector]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/media-companies-media-stocks-satellite-companies/11/14/2012/id/45854</link>
<pubDate>
			Wed, 14 Nov 2012 16:45:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/media-companies-media-stocks-satellite-companies/11/14/2012/id/45854</guid>
<description>
<![CDATA[Coming off of another quarterly earnings season, media stocks seem to be back to where things were earlier this year with investor sentiment toward macro issues driving performance.  I still see more differentiation among media stocks based on individual company fundamentals.  However, I see the winners and probable leaders of any rally being heavily influenced by the overall market trends.  Lately, of course, that is down.  Before focusing on which stocks to own or sell, let's recap the big picture one final time.

National TV advertising was OK in the third quarter given the competition from the Olympics and the ]]>
</description>
<content:encoded>
	<![CDATA[Coming off of another quarterly earnings season, media stocks seem to be back to where things were earlier this year with investor sentiment toward macro issues driving performance.  I still see more differentiation among media stocks based on individual company fundamentals.  However, I see the winners and probable leaders of any rally being heavily influenced by the overall market trends.  Lately, of course, that is down.  Before focusing on which stocks to own or sell, let's recap the big picture one final time.

National TV advertising was OK in the third quarter given the competition from the Olympics and the ]]>
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<title><![CDATA[Mixed Earnings, Cautious Guidance So Far for Media and Communications Companies]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/cmcsa-sni-twc-chtr-dtv-media/11/8/2012/id/45661</link>
<pubDate>
			Thu, 8 Nov 2012 16:35:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/cmcsa-sni-twc-chtr-dtv-media/11/8/2012/id/45661</guid>
<description>
<![CDATA[Macro concerns have dominated quarterly earnings season but a key message for investors is that individual company fundamentals and performance matters.  This morning News Corporation (NASDAQ:NWSA), Lamar Advertising (NASDAQ:LAMR) and Time Warner (NYSE:TWC) are trading higher in a very weak market after reporting good results and affirming guidance.  The same thing happened last week for Scripps Networks Interactive (NYSE:SNI) and Comcast (NASDAQ:CMSCA). On the other hand, Charter Communications (NASDAQ:CHTR), Cablevision (NYSE:CVC), Discovery Communications (NASDAQ:DISCA), and DirecTV (NASDAQ:DTV) all traded down yesterday after reporting disappointing results or lowering guidance.

For some time now, I have pointed out that the cyclical recovery ]]>
</description>
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	<![CDATA[Macro concerns have dominated quarterly earnings season but a key message for investors is that individual company fundamentals and performance matters.  This morning News Corporation (NASDAQ:NWSA), Lamar Advertising (NASDAQ:LAMR) and Time Warner (NYSE:TWC) are trading higher in a very weak market after reporting good results and affirming guidance.  The same thing happened last week for Scripps Networks Interactive (NYSE:SNI) and Comcast (NASDAQ:CMSCA). On the other hand, Charter Communications (NASDAQ:CHTR), Cablevision (NYSE:CVC), Discovery Communications (NASDAQ:DISCA), and DirecTV (NASDAQ:DTV) all traded down yesterday after reporting disappointing results or lowering guidance.

For some time now, I have pointed out that the cyclical recovery ]]>
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<title><![CDATA[Early Earnings OK on Paper, but the Street Is Responding Negatively]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/earnings-season-media-earnings-communication/10/24/2012/id/45286</link>
<pubDate>
			Wed, 24 Oct 2012 14:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/earnings-season-media-earnings-communication/10/24/2012/id/45286</guid>
<description>
<![CDATA[Media and communications companies report mostly towards the end of each quarter's earnings season. As a result, I look for clues in the early reports. So far, we have heard from Omnicom (NYSE:OMC), Gannett (NYSE:GCI), Media General (NYSE:MEG), Google (NASDAQ:GOOG), Yahoo (NASDAQ:YHOO), Virgin Media (NASDAQ:VMED), and Verizon Communications (NYSE:VZ).

I would classify the results and guidance commentary as decent. However, Wall Street has reacted negatively, but that is mostly due to poor results from companies outside of media and communications. I would also caution that the recent earnings related sell-off in the market reflects the economy in the spring and ]]>
</description>
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	<![CDATA[Media and communications companies report mostly towards the end of each quarter's earnings season. As a result, I look for clues in the early reports. So far, we have heard from Omnicom (NYSE:OMC), Gannett (NYSE:GCI), Media General (NYSE:MEG), Google (NASDAQ:GOOG), Yahoo (NASDAQ:YHOO), Virgin Media (NASDAQ:VMED), and Verizon Communications (NYSE:VZ).

I would classify the results and guidance commentary as decent. However, Wall Street has reacted negatively, but that is mostly due to poor results from companies outside of media and communications. I would also caution that the recent earnings related sell-off in the market reflects the economy in the spring and ]]>
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<title><![CDATA[Apple, Comcast, AT&T: Key Factors That Will Drive Earnings Reports of Media, Communication Companies]]></title>
<link>
			http://www.minyanville.com/trading-and-investing/earnings/articles/aapl-cmcsa-t-fb-255EGSPC-facebook/10/17/2012/id/45079</link>
<pubDate>
			Wed, 17 Oct 2012 13:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/trading-and-investing/earnings/articles/aapl-cmcsa-t-fb-255EGSPC-facebook/10/17/2012/id/45079</guid>
<description>
<![CDATA[Another quarterly earnings season kicks into high gear this week with reports from eBay (NASDAQ:EBAY), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT).  Next week things really pick up for media and communications investors when we hear from Yahoo (NASDAQ:YHOO), AT&T (NYSE:T), Apple (NASDAQ:AAPL), and Comcast (NASDAQ:CMCSA).

The market enters this earnings season just a couple of percent off recently attained multi-year highs.  Despite the steady rise in the market since early June there is a lot of worry and concern heading into this earnings season.  In fact, current estimates for the S&P 500 (INDEXSP:.INX) call for the first quarter of negative year-over-year ]]>
</description>
<content:encoded>
	<![CDATA[Another quarterly earnings season kicks into high gear this week with reports from eBay (NASDAQ:EBAY), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT).  Next week things really pick up for media and communications investors when we hear from Yahoo (NASDAQ:YHOO), AT&T (NYSE:T), Apple (NASDAQ:AAPL), and Comcast (NASDAQ:CMCSA).

The market enters this earnings season just a couple of percent off recently attained multi-year highs.  Despite the steady rise in the market since early June there is a lot of worry and concern heading into this earnings season.  In fact, current estimates for the S&P 500 (INDEXSP:.INX) call for the first quarter of negative year-over-year ]]>
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<title><![CDATA[Emerging Stability in TV Network and Cable and Satellite Business Models?]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/tv-networks-cable-companies-retransmission-fees/10/10/2012/id/44862</link>
<pubDate>
			Wed, 10 Oct 2012 15:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/tv-networks-cable-companies-retransmission-fees/10/10/2012/id/44862</guid>
<description>
<![CDATA[While Wall Street has bid up shares of national TV network owners and cable companies, worries about the television business model have remained high. Concerns fall mostly into two buckets. First, there are rising programming expenses for cable and satellite operators as retransmission and affiliate fees increase rapidly. Second, cord-cutting concerns remain, partly driven by rising cable and satellite bills due to higher programming costs. Related to cord cutting is the risk that new services and devices provide an opportunity to bypass cable and satellite with a sufficient package of program choices.

The stream of non-stop affiliate fee disputes between ]]>
</description>
<content:encoded>
	<![CDATA[While Wall Street has bid up shares of national TV network owners and cable companies, worries about the television business model have remained high. Concerns fall mostly into two buckets. First, there are rising programming expenses for cable and satellite operators as retransmission and affiliate fees increase rapidly. Second, cord-cutting concerns remain, partly driven by rising cable and satellite bills due to higher programming costs. Related to cord cutting is the risk that new services and devices provide an opportunity to bypass cable and satellite with a sufficient package of program choices.

The stream of non-stop affiliate fee disputes between ]]>
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			<item>
<title><![CDATA[Media, Entertainment, and Communications Stocks Still Leading the Market Rally]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/entertainment-stocks-media-stocks-cable-stocks/9/26/2012/id/44417</link>
<pubDate>
			Wed, 26 Sep 2012 16:05:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/entertainment-stocks-media-stocks-cable-stocks/9/26/2012/id/44417</guid>
<description>
<![CDATA[September has been an interesting month for investors in entertainment and media stocks.  The fall TV season began and Bank of America Merrill Lynch and Goldman Sachs hosted conferences.  This year we also have a political season and quite a bit of macro news in Europe and the United States, highlighted by actions of the European Central Bank and the Federal Reserve.

My interpretation of the news flow for media and communications stocks was generally positive.  Investors seemed to agree as almost all the entertainment stocks and many cable, telco, and satellite stocks have reached 52-week and multi-year highs in ]]>
</description>
<content:encoded>
	<![CDATA[September has been an interesting month for investors in entertainment and media stocks.  The fall TV season began and Bank of America Merrill Lynch and Goldman Sachs hosted conferences.  This year we also have a political season and quite a bit of macro news in Europe and the United States, highlighted by actions of the European Central Bank and the Federal Reserve.

My interpretation of the news flow for media and communications stocks was generally positive.  Investors seemed to agree as almost all the entertainment stocks and many cable, telco, and satellite stocks have reached 52-week and multi-year highs in ]]>
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			<item>
<title><![CDATA[Finding the Diversity in Media and Communication Stocks]]></title>
<link>
			http://www.minyanville.com/sectors/media/articles/dwa-lmca-siri-manu-gm-dreamworks/9/20/2012/id/44194</link>
<pubDate>
			Thu, 20 Sep 2012 15:00:00EST
</pubDate>
<guid isPermaLink="true">
			http://www.minyanville.com/sectors/media/articles/dwa-lmca-siri-manu-gm-dreamworks/9/20/2012/id/44194</guid>
<description>
<![CDATA[Sometimes when I tell my friends how my investment strategies specialize in media, entertainment, leisure, communications, and related technologies, they seem surprised that I could have two successful money management businesses built around such a narrow focus.  I point out that my self-defined universe of investable stocks numbers at least 400. 

The next question is often, "But aren't the stocks you invest in highly correlated?" The answer is yes, but not as much you might think.

I've been reminded of the diversity in media and communications several times recently.  A journalist at the Hollywood Reporter asked me about DreamWorks Animation ]]>
</description>
<content:encoded>
	<![CDATA[Sometimes when I tell my friends how my investment strategies specialize in media, entertainment, leisure, communications, and related technologies, they seem surprised that I could have two successful money management businesses built around such a narrow focus.  I point out that my self-defined universe of investable stocks numbers at least 400. 

The next question is often, "But aren't the stocks you invest in highly correlated?" The answer is yes, but not as much you might think.

I've been reminded of the diversity in media and communications several times recently.  A journalist at the Hollywood Reporter asked me about DreamWorks Animation ]]>
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