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Fly News Breaks for November 9, 2015
KING, ATVI, DIS
Nov 9, 2015 | 07:50 EDT
Baird continues to like the Activision Blizzard (ATVI) acquisition of King Digital (KING) and sees the company's broadening media strategy creating "Disney-like expansion opportunities." The firm said the company's 2016 lineup looks robust and its newly owned film/TV studio will leverage the company's existing IP to create both short and long-form content. Baird reiterated its Outperform rating and $38 price target on Activision Blizzard shares.
News For ATVI;KING;DIS From the Last 2 Days
DIS
Sep 19, 2017 | 11:08 EDT
Research firm Cowen cut its estimates and price targets on several traditional media companies, warning that the declines in their margins would intensify. Consensus estimates for the sector, which is being pressured by Netflix (NFLX) and Amazon (AMZN), remain too high, the firm contends. MARGIN PRESSURE: Among the TV networks covered by Cowen, the average earnings before interest, taxes, depreciation and amortization margin fell around 0.5 percentage points per year from 2013-2016, wrote Cowen analyst Doug Creutz. Their margin erosion will more than double this year, to nearly 1.38 percentage points, he predicted. The main factor causing the broadcasters' margins to weaken is decelerating revenue trends, as the TV networks' ad and affiliate revenue streams "have come under pressure," the analyst stated. ROOT OF THE PROBLEM: Creutz noted that he has had a negative outlook on traditional media "for a bit over three years." For many decades, the sector enjoyed very high operating margins. However, new TV broadcasters, including Netflix and Amazon, have helped break that trend by spending a great deal of money on content and accepting "low to negative" margins, he explained. Also eroding the margins of traditional TV are the Internet ads provided by Google (GOOG, GOOGL), Facebook (FB) and other Internet players, Creutz believes. The margins of traditional media companies "could fall for a very long time," warned the analyst. OUTLOOK: The analyst expects media companies' margins to fall another 0.75 percentage points in 2018 and in 2019. As noted earlier, he thinks that consensus estimates for the group remain too high. The analyst says that the sector's share prices reflect a 15%-20% reduction in the companies' margins "over the next several years." According to Creutz, such a scenario could play out, so it's impossible to say that the stocks "have reached deep value levels." TARGET CUTS, RATINGS: He cut his price target on Viacom (VIAB) to $31 from $41, on Discovery (DISCA) to $19 from $25, on 21st Century Fox (FOXA) to $29 from $32, on CBS (CBS) to $69 from $70 and on Disney (DIS) to $94 from $95. He kept an Outperform rating on CBS and maintained Market Perform ratings on all the other stocks named. PRICE ACTION: In morning trading, Viacom B shares lost 0.8%, Discovery fell 1.4%, 21st Century Fox A shares slipped 0.2%, CBS fell 0.2% and Disney advanced 0.1%.
DIS
Sep 19, 2017 | 10:34 EDT
Chase Card Services (JPM) and The Walt Disney Company (DIS) announced a multi-year extension of the Disney Visa Card, Disney Premier Visa Card and Disney Visa Debit Card programs. "Disney Visa Credit and Debit Cardmembers have access to amazing perks 365 days a year, including special savings at Disney's U.S. Theme Parks and Resorts, Disney Store and DisneyStore.com exclusive photo opportunities with Disney Characters at Walt Disney World Resort and the Disneyland Resort, and the opportunity to choose from a variety of unique Disney card designs.3 Disney Visa Credit Cardmembers earn Disney Rewards Dollars on all card purchases which can be redeemed toward almost anything Disney."
DIS
Sep 18, 2017 | 13:26 EDT
Netflix (NFLX) and Amazon (AMZN) were topped by Hulu on Sunday's Primetime Emmy Awards, said the Hollywood Reporter. Hulu, a joint venture between Disney (DIS), 21st Century Fox (FOX, FOXA) and Comcast (CMCSA), won its first Emmy for The Handmaid's Tale, with multiple wins including best drama, best lead actress, best supporting actress and best writing for a drama series, said the publication , making it the first time for a streamer to win an Emmy for a drama series. Reference Link
DIS
Sep 17, 2017 | 19:14 EDT
New Line Cinema and Warner Bros. (TWX) horror movie "It" declined a scant 51% to $60M in its second weekend, the biggest sophomore outing ever for the genre. Overseas, the R-rated film adaption of Stephen King's novel grossed $60.3M in its second weekend from 56 markets for a foreign tally of $152.6M and a stunning $371.3M worldwide. BOX OFFICE RUNNERS-UP: Lionsgate's (LGF.A) "American Assassin" came in second, with a solid $14.8M from 3,154 theaters. The film is based on late author Vince Flynn's novel of the same name and earned a B+ CinemaScore from audiences. Behind it was Paramount's (VIAB; VIA) "mother!," grossing an estimated $7.5M from 2,368 theaters after receiving an F CinemaScore. The romantic comedy distributed by Open Road films "Home Again" followed at number four, with an estimated $5.3M for a muted 10-day domestic total of $17.1M. Rounding out the top five, Lionsgate's "The Hitman's Bodyguard" earned an estimated $3.6M, passing the $70M mark in its fifth weekend. Other publicly traded companies in filmmaking include Sony (SNE), Comcast (CMCSA), Walt Disney (DIS), and 21st Century Fox's (FOX).
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