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Turn the Page: Winners and Losers in the Media Sector

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Now that earnings announcements are behind us, here are nine winners and seven losers in media.

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Despite the macro worries, I still see more opportunity in stock picking. Winners and losers are being more clearly defined in stock price action.

Among winners exiting this earnings season are CBS, Comcast (NASDAQ:CMCSA), News Corporation (NASDAQ:NWSA), AMC Networks (NASDAQ:AMCX), Yahoo (NASDAQ:YHOO), AOL (NYSE:AOL), E.W. Scripps (NYSE:SSP), and local TV stations, Scripps Interactive (NYSE:SNI), Time Warner (NYSE:TWX), and Lamar Advertising (NASDAQ:LAMR). Each of these companies either reported good results, provided optimistic guidance, or eased concerns that previously existed.

Losers include Charter Communications (NASDAQ:CHTR), Cablevision (NYSE:CVC), DirecTV (NASDAQ:DTV), Dish Network (NASDAQ:DISH), Central European Media Enterprises (NASDAQ:CETV), Google (NASDAQ:GOOG), radio companies, and Disney (NYSE:DIS). Each of these companies either missed earnings estimates, issued disappointing guidance, or raised concerns about future growth or financial performance.

The market is at a tricky juncture with the fiscal cliff looming. Sticking with winners and keeping losers on a short leash is always a good strategy – even more so when uncertainty is high.

Comcast, Charter Communications, Cablevision, Discovery Communications, DirecTV, News Corporation, Yahoo, Central European Media Enterprises, Google, E.W. Scripps and CBS are net long positions in the Entermedia Funds. Entermedia is a long/short equity hedge fund focused on media, entertainment, leisure, communications and related technologies. Steve Birenberg is co-portfolio manager of Entermedia, owns a stake in the funds' investment management company and has personal monies invested in the funds. Charter Communications, Discovery Communications, Google, and CBS are widely held by Northlake Capital Management LLC, including in Steve Birenberg's personal accounts. Steve is sole proprietor of Northlake, a long only registered investment adviser.

This column was previously published by SNL Kagan on www.snl.com.
No positions in stocks mentioned.
Entermedia is a long/short equity hedge fund focused on media, communic= ations, and related technologies. Steve Birenberg is co-portfolio manager o= f Entermedia, owns a stake in the Funds' investment management compan= y, and has personal monies invested in the Funds. CBS and Discovery Communi= cations are widely held by Northlake Capital Management, LLC, including in = Steve Birenberg's personal accounts. Steve is sole proprietor of Nort= hlake, a long only registered investment advisor.

The information on this website solely reflects the analysis of or opin= ion about the performance of securities and financial markets by the writer= s whose articles appear on the site. The views expressed by the writers are= not necessarily the views of Minyanville Media, Inc. or members of its man= agement. Nothing contained on the website is intended to constitute a recom= mendation or advice addressed to an individual investor or category of inve= stors to purchase, sell or hold any security, or to take any action with re= spect to the prospective movement of the securities markets or to solicit t= he purchase or sale of any security. Any investment decisions must be made = by the reader either individually or in consultation with his or her invest= ment professional. Minyanville writers and staff may trade or hold position= s in securities that are discussed in articles appearing on the website. Wr= iters of articles are required to disclose whether they have a position in = any stock or fund discussed in an article, but are not permitted to disclos= e the size or direction of the position. Nothing on this website is intende= d to solicit business of any kind for a writer's business or fund. Miny= anville management and staff as well as contributing writers will not respo= nd to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
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