Shares of Time Warner jumped 3.5% on Tuesday after UBS analyst Michael Morris raised his rating to "buy." "Management's focus on structural improvements and measurable cost reductions is likely to provide catalysts in the coming 12 months," Morris told clients. "Industry-low exposure to advertising provides some risk protection," he said.
Shares of Electronic Arts rose 5.4% on Tuesday to $48.85 after the video game maker said that it is targeting more than $6 billion in revenue by fiscal 2011. During a meeting with Wall Street analysts, CEO John Riccitiello was clear to note that the number was a target and not guidance. "It's a big number. It's never been done in the game software industry before," Riccitiello said. The company also gave a release date of Sept. 7 for "Spore," one of the most-anticipated titles in history.
UBS AG has acquired a 5.8% stake in Clear Channel Communications, according to a U.S. Securities and Exchange Commission filing. The investment bank reported holding about 28.9 million shares of Clear Channel, a stake it acquired without intention of changing or influencing control of the company.