Sinclair Broadcast Group Inc. said Wednesday that its third-quarter earnings fell from the year-ago quarter, which was boosted by a gain from the sale of assets. Net income was $22.6 million, compared with $31.2 million a year ago. Total revenue rose from $165.8 million a year ago to $168.5 million, while station broadcast revenue increased from $149 million to $152.4 million. The company said that while ad revenue increased in the telecommunications and schools categories, it was soft in entertainment, soft drinks and services. Sinclair shares rose a penny Wednesday to $9.03.
DWA jumps 7%
Shares of DreamWorks Animation SKG bucked a powerful Wall Street downturn Wednesday by rising 7% to $28.31. On Tuesday, the company reported a surprise quarterly profit and Wednesday Jefferies & Co. analyst Meredith Fisher upgraded the stock from "hold" to "buy." Fisher raised her price target from $27.50 to $31.50 partially on optimism about upcoming releases "Shrek the Third" and "Bee Movie."
IAC up, Net dips
Shares of Barry Diller's IAC/InterActiveCorp traded 2% higher to $31.60 while most top Internet companies were caught in a 1.4% Nasdaq swoon Wednesday. InterActiveCorp reported positive quarterly earnings Tuesday and caught an upgrade Wednesday from "hold" to "buy" from Deutsche Bank analysts. Plus, its Ask.com unit Wednesday scored a new deal to provide search and ad features for the network of Web sites run by Lycos. Elsewhere in the Internet sector, shares of Yahoo! Inc. fell 1.3%, Google was off 1.9%, Amazon.com was down 1.4% and RealNetworks Inc. shares were down 1.9%.