Digest: Fandango hires CFO
EmptyFandango has hired Daniel Murray, a former Yahoo! Inc. and Overture executive, as chief financial officer, the online movie-ticketing firm said Wednesday. Murray will report to chairman and CEO Chuck Davis. Murray was chief financial officer and senior vp global operations for Academy123, a venture-funded company that provides students with online math homework. It was acquired in July by a division of Discovery Communications.
Banc of America Securities cut its rating on entertainment sector stocks from "overweight" to "marketweight" on Wednesday, citing last year's run-up in many industry stocks. The firm also mentioned headwinds in the traditional advertising space and slowing DVD growth as factors that could hold back stocks this year. However, Banc of America highlighted News Corp., on which it has a "buy" rating, as its focus stock for the year and raised its price target $2 to $26. Following its deal with Liberty Media, News Corp. could buy back more stock, thereby boosting its shares, the brokerage said.
Shares of Cablevision Systems rose 2.7% on Wednesday as analysts applauded news late Tuesday that a special committee of the cable operator's board had rejected a $30-per-share bid by the founding Dolan family to take the firm private. Analysts have said Cablevision is worth more. Its shares closed at $29.25.