Shares of Martha Stewart Living Omnimedia rose 4.4% on Tuesday after Bear Stearns analyst Michael Meltz upgraded the stock to "peer perform." He cited "recent price weakness" that has left the stock down 23% year-to-date and "ample potential positive catalysts." The stock closed at $17.63 and led gainers on The Hollywood Reporter's Showbiz 50 stock index.
News Corp. boost
Pali Research analyst Rich Greenfield on Tuesday boosted his price target on shares of News Corp. from $24 to $27, citing the expected swap with Liberty Media of DirecTV and other assets for News Corp. shares. Shareholders are set to vote on the transaction Tuesday. "Our increased price target is based on updating our model for the DirecTV accretion, slightly lower operating income forecasts and a higher valuation for MySpace," Greenfield said. News Corp. closed down 1.5% to $24.10.
Video game retailer GameStop Corp. reported stronger-than-expected quarterly results Tuesday, boosting its shares 11.4%. The company posted a fiscal fourth-quarter profit of $129.8 million, up from $85 million a year ago. Revenue rose from $1.7 billion to $2.3 billion. The stock closed at $31.16.
Satellite radio firm WorldSpace posted a wider fourth-quarter loss despite higher revenue. The loss of $33.8 million compared with a $33.2 million loss a year ago. Revenue rose 14% to $5 million. Shares rose 7.6% on Tuesday to $4.27.