Empty'Shrek' good for DWA
Shares of DreamWorks Animation SKG jumped 3.1% on Tuesday to $31.80 after Pali Research analyst Richard Greenfield raised his earnings-per-share estimates for this year and next based on the strong performance of "Shrek the Third." The analyst now estimates worldwide boxoffice of "Shrek the Third" to be $766 million, up from $740 million previously. Consequently, he boosted his EPS estimate by 8 cents to $1.92 this year and by 2 cents to $1.81 next year. The analyst has a "buy" rating and $35 target.
Yahoo a top pick
Shares of Yahoo Inc. rose 5.5% on Tuesday, the day Bear Stearns named the stock its top pick and said the company remains an attractive acquisition candidate for traditional media firms seeking to deepen their exposure to the Internet or from technology companies like Microsoft Corp. Beyond just a pure acquisition, Yahoo could enter other strategic partnerships that could bolster its relative competitive position. Any large deals could improve sentiment on the stock, analyst Robert Peck said. He reiterated his "outperform" rating with a price target of $30.
Sony Tokyo IPO
Sony Corp. will list its financial unit on the Tokyo Stock Exchange beginning Oct. 11 in an offering worth up to $3.1 billion, the company said Tuesday. Sony Financial Holdings tentatively set the indicative price for its initial public offering at ¥415,000 ($3,590) per share. The ¥361 billion IPO is among Japan's largest in nearly a decade. The unit will offer 75,000 shares, while Sony will sell 725,000 of its 2.1 million Sony Financial shares to the public, according to the stock exchange. Sony Financial operates Sony Bank as well as life and other insurance companies. It accounted for 9% of Sony's revenue in the fiscal year ending in March.