EmptyNEWS CORP. CUT
Miller Tabak analyst David Joyce on Wednesday cut his earnings estimates for News Corp., citing TV station and newspaper advertising weakness. While reiterating his "buy" rating on the stock, he reduced his short-term price target to the low end of his $18-$22 range. "We think that the shares have been oversold on the despised newspaper business and the local ad market fears and that consensus estimates have not fallen nearly as much as the valuation has," Joyce said.
GOOGLE OK IN EUROPE
RBC Capital Markets analyst Ross Sandler said Wednesday that checks in Europe have shown that Google did "slightly better than expected" in the second quarter. "Paid search seems to be holding up well in the U.K. and broader Europe despite grumblings by some agencies of difficult macro advertising conditions," he said. Google shares remain his firm's "best long idea in domestic Internet," Sandler said in reiterating his price target on the stock at $600.
Blockbuster has appointed Rebeca Johnson as chief marketing officer. She will be responsible for the video rental giant's overall branding and marketing efforts.
Corus Q3 bounce
Despite a soft economy, Canadian broadcaster Corus Entertainment on Wednesday posted higher third-quarter earnings on increased TV revenue and a tax recovery. Corus said it earned CAN$37.7 million ($37 million) during the three months ending May 31, up 27%.