Behold the Power of Potter. Time Warner (TWX) yesterday disclosed it won’t put out the new Harry Potter film, “Harry Potter and the Half-Blood Prince,” this November as originally planned, and instead will make it a Summer 2009, release–specifically, for July 17 of next year.
Talk about the horse and the barn door.
Amid a 38-percent plunge in shares of chipmaker Anadigics (ANAD) following a gloomy pre-announcement last night, analyst Pierre MacCagno of Needham & Company today reiterated his “strong buy” rating on the stock while cutting his price target from $14 to $6. Thanks for the heads-up.
It’s another rough morning for Sun Microsystems (JAVA) shares.
This morning, Sun posted results for its fiscal fourth quarter ended June that were consistent with the guidance provided in mid July.
If you think Oracle’s acquisition spree is nearly completed, you ought to guess again.
In a research report, Bernstien Research analyst Charles DiBona today asserts that Oracle is almost certainly going to continue spending billions on additional acquisitions. He notes that CEO Larry Ellison last summer projected that the company would hit $50 billion in annual revenue by FY 2012.
Blockbuster this morning gets mixed reviews for its Q1 financial results.
The bottom-line gets raves: Profits of 20 cents a share beat the Street by a nickel.
The top-line gets jeers: Revenue of $1.39 billion missed the consensus view of $1.44 billion.
Long-suffering AOL may be worth more than some investors think. Last fall, UBS analyst Mark Morris pegged the value of Time Warner’s AOL unit at $13 billion, a mere 2.5 times revenue. That pessimistic view reflects AOL’s declining revenue, which fell 33% last year to $5.2 billion.
A lot has changed during the last few months. Oh, AOL’s revenue still is on the decline. But Microsoft’s offer to buy Yahoo for $42 billion has pressured its rivals. That bid, currently worth about six times Yahoo revenue, shows that even mature Internet companies have plenty of appeal to the right strategic buyer. And the pressure on Time Warner to sell AOL never has been greater. Its shares are trading at $14, down from $22 last year.
Yahoo dispelled concerns that Q1 will be a disaster and released details of its last, best hope to stave off a Microsoft acquisition: its own growth plan.
The plan calls for revenue and cash flow acceleration in 2009 and 2010 (after a retrenchment in 2008). It also provides support for Yahoo’s argument that it’s worth at least $40 a share.
We think the plan is more of a “best case” scenario than a “most likely” case, but at least we now have concrete assumptions on which to evaluate Yahoo’s evaluation of itself.
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