CEOWORLD Magazine » Time Warner

Analyst Upgrades and Downgrades VZ, PTR, TWC, SAP, ROK, CAT, GME…

Germaine Lombardo — Tue, 09 Feb 2010 15:31:32 +0000

Air Products (APD, News, Press Releases: 74.44 -0.32 -0.43%, yield: 2.41, cap: 15.793B, 1yr target: 89.47) downgraded to Hold from Buy, $73 target, at Citigroup…
BioMarin (BMRN, News, Press Releases: 22.60 -0.07 -0.31%, yield: N/A, cap: 2.286B, 1yr target: 23.96) upgraded to Buy from Hold, $23 target, at Roth Capital…
BS Business Parks (PSB, News, Press Releases: 52.99 -0.12 -0.23%, yield: 4.14, cap: 1.293B, 1yr target: 52.71) upgraded to Outperform, $50 target, at Baird…
Caterpillar (CAT, News, Press Releases: 59.37 -0.40 -0.67%, yield: 2.81, cap: 37.090B, 1yr target: 62.94) upgraded to Overweight from Underweight at Morgan Stanley…
Complete Production (CPX, News, Press Releases: 11.98 -0.72 -5.67%, yield: N/A, cap: 901.2M, 1yr target: 18.63) initiated as Buy at Deutsche Bank…
EXCO Resources (XCO, News, Press Releases: 17.82 -0.40 -2.20%, yield: 0.44, cap: 3.779B, 1yr target: 25.79) upgraded to Buy from Neutral, $25 target, at Goldman…
Fortinet (FTNT, News, Press Releases: 17.10 -0.08 -0.47%, yield: N/A, cap: 1.151B, 1yr target: 21.50) upgraded to Overweight from Neutral, $20 target, at JP Morgan…
GameStop (GME, News, Press Releases: 21.11 -0.05 -0.24%, yield: N/A, cap: 3.478B, 1yr target: 25.34) downgraded to Neutral from Outperform at Credit Suisse…
Hasbro (HAS, News, Press Releases: 37.89 -0.21 -0.55%, yield: 2.10, cap: 5.167B, 1yr target: 40.62) reiterated Buy, target raised to $43 from $40, at KeyBanc…
Hanesbrands (HBI, News, Press Releases: 26.84 -0.44 -1.61%, yield: N/A, cap: 2.561B, 1yr target: 30.20) initiated as Buy at Sterne Agee…
Hess Corp (HES, News, Press Releases: 61.19 -0.47 -0.76%, yield: 0.65, cap: 19.843B, 1yr target: 71.29) initiated as Buy at Calyon…
Ingersoll-Rand (IR, News, Press Releases: 34.87 -0.46 -1.30%, yield: 1.10, cap: 11.196B, 1yr target: 38.80) upgraded to Equal Weight from Underweight at Morgan Stanley…
Lamar Advertising (LAMR, News, Press Releases: 34.93 -0.48 -1.36%, yield: N/A, cap: 3.213B, 1yr target: 30.71) upgraded to Outperform, $40-$42 target, at Wells Fargo…
Louisiana Pacific (LPX, News, Press Releases: 8.16 -0.35 -4.11%, yield: N/A, cap: 1.035B, 1yr target: 7.77) upgraded to Sell from Conviction Sell at Goldman…
Kennametal (KMT, News, Press Releases: 29.20 -0.78 -2.60%, yield: 1.60, cap: 2.381B, 1yr target: 31.13) added to Conviction Sell List, $21 target, at Goldman…
Mindspeed (MSPD, News, Press Releases: 7.97 -0.21 -2.57%, yield: N/A, cap: 232.1M, 1yr target: 9.05) downgraded to Hold from Buy at Brigantine…
Monsanto (MON, News, Press Releases: 72.20 +0.17 +0.24%, yield: 1.47, cap: 39.398B, 1yr target: 91.27) upgraded to Buy from Neutral, $96 target, at BofA/Merrill…
PetSmart (PETM, News, Press Releases: 31.05 -0.54 -1.71%, yield: 1.04, cap: 3.725B, 1yr target: 31.25) upgraded to Outperform from Neutral, $29 target, at Credit Suisse…
PetroChina (PTR, News, Press Releases: 116.68 -0.67 -0.57%, yield: 3.41, cap: 211.7B, 1yr target: 127.00) downgraded to Sell from Neutral at Goldman…
Rockwell (ROK, News, Press Releases: 55.37 +0.24 +0.44%, yield: 2.10, cap: 7.905B, 1yr target: 55.25) upgraded to Equal Weight from Underweight at Morgan Stanley…
Royal Dutch Shell [[RDS.A]] upgraded to Overweight at HSBC…
SAP AG (SAP, News, Press Releases: 46.94 -0.43 -0.91%, yield: 1.42, cap: 55.812B, 1yr target: 46.18) upgraded to Market Perform from Underperform at FBR Capital…
Sierra Wireless (SWIR, News, Press Releases: 8.71 -0.31 -3.44%, yield: N/A, cap: N/A, 1yr target: 11.96) upgraded to Outperform from Sector Perform at RBC Capital…
SolarWinds (SWI, News, Press Releases: 21.01 -0.11 -0.52%, yield: N/A, cap: 1.418B, 1yr target: 25.64) upgraded to Buy, $27 target, at Noble Financial…
SonicWALL (SNWL, News, Press Releases: 9.05 -0.13 -1.42%, yield: N/A, cap: 490.8M, 1yr target: 10.38) upgraded to Overweight from Neutral, $10 target, at JP Morgan…
Terremark (TMRK, News, Press Releases: 7.29 -0.20 -2.67%, yield: N/A, cap: 473.9M, 1yr target: 9.10) downgraded to Hold from Buy, $8 target, at Jefferies…
Time Warner (TWC, News, Press Releases: 48.76 -0.09 -0.18%, yield: 0.82, cap: 17.191B, 1yr target: 53.70) initiated as Hold at Needham…
Verizon (VZ, News, Press Releases: 30.41 +0.11 +0.36%, yield: 6.17, cap: 86.234B, 1yr target: 32.81) upgraded to Market Perform from Underperform at Bernstein…
VF Corp (VFC, News, Press Releases: 79.71 -0.15 -0.19%, yield: 2.98, cap: 8.815B, 1yr target: 84.46) initiated as Neutral at Sterne Agee…
WABCO Holdings (WBC, News, Press Releases: 29.30 -0.31 -1.05%, yield: N/A, cap: 1.878B, 1yr target: 32.50) upgraded to Overweight from Neutral, $31 target, at JP Morgan…

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Comcast begins public dialogue on GE’s NBC Universal merger

Amarendra Bhushan — Thu, 28 Jan 2010 20:07:17 +0000

The Philadelphia based Comcast Corporation(CMCSA, News, Press Releases: 17.53 -0.14 -0.79%, yield: 1.69, cap: 49.743B, 1yr target: 19.25) and General Electric Company (GE, News, Press Releases: 18.07 -0.12 -0.66%, yield: 2.20, cap: 192.8B, 1yr target: 19.78) (parent company of NBC Universal) today took the next step in seeking regulatory approval of its $30 billion acquisition of NBC Universal by promising to continue to provide free over-the-air broadcasting and to share its programming with competing cable providers. In a 145-page public interest document filed with the Federal Communications Commission Thursday, Comcast and NBC say the proposed transaction is a “vertical combination” that would not reduce competition in either the programming or distribution business.

Comcast said it will increase the quantity of diverse and local programming on the airwaves, “spurring other content producers and distributors to invest and innovate, thereby enhancing competition.”

Comcast Chairman Brian Roberts, in a Washington, D.C. appearance before the Congressional Internet Caucus’ State of the Net Conference, said there are no plans to move the NBC network to cable, when Comcast takes control of NBC Universal. When asked why NBC should remain a free network, he cited the example of ABC’s Monday Night Football, whose ratings dropped when the program moved to ESPN.

Roberts didn’t comment on NBC’s latenight mess, but he did say that NBCU chief Jeff Zucker is “going to be the CEO of the company.” Comcast, if it completes the deal, would be only the third-largest cable-TV network operator by revenue, tied with Viacom Inc. (VNV, News, Press Releases: 24.99 +0.06 +0.24%, yield: 6.87, cap: N/A, 1yr target: 0.00) The two other larger cable-TV network operators are the The Walt Disney Company (DIS, News, Press Releases: 33.64 -0.14 -0.41%, yield: 1.04, cap: 65.245B, 1yr target: 34.87) and Time Warner (TWX, News, Press Releases: 31.24 +0.08 +0.26%, yield: 23.69, cap: 35.933B, 1yr target: 34.09).

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Analyst Upgrades and Downgrades VZ, AMZN, BBY, MS, JNJ, KFT, MHP, TWX…

Amarendra Bhushan — Wed, 27 Jan 2010 15:13:54 +0000

Agrium (AGU, News, Press Releases: 70.34 -0.37 -0.52%, yield: 0.16, cap: 11.043B, 1yr target: 74.70) reinstated with a Buy at BofA/Merrill…
Allis-Chalmers Energy (ALY, News, Press Releases: 3.89 -0.04 -1.02%, yield: N/A, cap: 276.1M, 1yr target: 5.63) downgraded to Neutral, $4.50 target, at Macquarie..
AK Steel (AKS, News, Press Releases: 22.05 -0.59 -2.61%, yield: 0.88, cap: 2.423B, 1yr target: 25.38) upgraded to Buy from Neutral at Goldman…
Amazon.com (AMZN, News, Press Releases: 130.35 -2.41 -1.82%, yield: N/A, cap: 57.947B, 1yr target: 162.42) upgraded to Buy from Hold, $155 target, at Kaufman Bros…
A.O. Smith (AOS, News, Press Releases: 49.14 -0.51 -1.03%, yield: 1.56, cap: 1.501B, 1yr target: 54.80) upgraded to Buy from Neutral, at Ladenburg Thalmann
Artio Global (ART, News, Press Releases: 23.22 -0.48 -2.03%, yield: 0.25, cap: 1.033B, 1yr target: 27.80) upgraded to Buy from Neutral, $30 target, at BofA/Merrill…
Best Buy (BBY, News, Press Releases: 40.99 +0.54 +1.33%, yield: 1.38, cap: 17.135B, 1yr target: 46.15) upgraded to Buy at Rochdale Securities…
British Sky Broadcasting (BSY, News, Press Releases: 35.26 -0.59 -1.65%, yield: 3.10, cap: 15.356B, 1yr target: 48.18) downgraded to Neutral at BNP Paribas…
Cooper Industries (CBE, News, Press Releases: 45.99 -1.05 -2.23%, yield: 2.17, cap: 7.688B, 1yr target: 50.67) upgraded to Buy from Neutral, at UBS…
Consolidated Edison (ED, News, Press Releases: 44.30 -0.03 -0.07%, yield: 5.33, cap: 12.464B, 1yr target: 43.67) downgraded to Neutral from Buy, $44 target, at BofA/Merrill…
CTC Media (CTCM, News, Press Releases: 15.68 +0.13 +0.84%, yield: 0.42, cap: 2.418B, 1yr target: 18.59) downgraded to Neutral from Buy at UBS…
DeVry (DV, News, Press Releases: 67.28 +0.02 +0.03%, yield: 0.27, cap: 4.788B, 1yr target: 71.00) upgraded to Outperform from Neutral, $72 target, at RW Baird…
Eni SpA (E, News, Press Releases: 46.27 -0.74 -1.57%, yield: 6.57, cap: 33.522B, 1yr target: 51.68) downgraded to Underperform at BNP Paribas…
Haliburton (HAL, News, Press Releases: 30.50 -1.08 -3.42%, yield: 1.14, cap: 27.605B, 1yr target: 41.20) downgraded to Neutral, $36 target, at Macquarie…
Hawaiian Electric Industries (HS, News, Press Releases: 18.65 -0.14 -0.75%, yield: N/A, cap: 1.074B, 1yr target: 19.67) downgraded to Underperform, $19 target, at Bank of America…
Human Genome Sciences (HGSI, News, Press Releases: 30.76 -0.69 -2.19%, yield: N/A, cap: 5.076B, 1yr target: 35.50) initiated as Outperform at RBC Capital…
Helmerich & Payne (HP, News, Press Releases: 38.03 -0.85 -2.19%, yield: 0.51, cap: 4.020B, 1yr target: 49.61) downgraded to Neutral, $47 target, at Macquarie…
Intrepid Potash (IPI, News, Press Releases: 30.04 -0.68 -2.21%, yield: N/A, cap: 2.254B, 1yr target: 29.62) reinstated with an Underperform at BofA/Merrill…
Johnson & Johnson (JNJ, News, Press Releases: 65.11 +0.05 +0.08%, yield: 3.01, cap: 179.2B, 1yr target: 71.00) upgraded to Outperform, $75 target, at Leerink Swann…
Kraft Foods (KFT, News, Press Releases: 29.63 -0.20 -0.67%, yield: 3.89, cap: 43.834B, 1yr target: 33.18) upgraded to Buy at Stifel Nicolaus…
Magnum Hunter (MHR, News, Press Releases: 2.96 +0.01 +0.34%, yield: N/A, cap: 155.8M, 1yr target: 3.44) initiated as Buy at Global Hunter…
McGraw-Hill (MHP, News, Press Releases: 35.77 -0.33 -0.91%, yield: 2.52, cap: 11.292B, 1yr target: 41.57) upgraded to Buy, $42 target, at Benchmark…
McKesson (MCK, News, Press Releases: 64.07 +0.76 +1.20%, yield: 0.76, cap: 17.260B, 1yr target: 70.50) downgraded to Market Perform from Outperform, $55-65 target, at Leerink…
Molex (MOLX, News, Press Releases: 21.09 +0.04 +0.19%, yield: 2.91, cap: 3.665B, 1yr target: 24.32) upgraded to Buy, $26 target, at Ticonderoga Securities…
Moody’s (MCO, News, Press Releases: 29.66 0.00 0.00%, yield: 1.37, cap: 7.026B, 1yr target: 32.50) upgraded to Buy, $33 target, at Benchmark…
Morgan Stanley (MS, News, Press Releases: 29.63 -0.45 -1.50%, yield: 0.72, cap: 41.425B, 1yr target: 36.45) upgraded to Outperform at William Blair…
Mosaic (MOS, News, Press Releases: 58.42 -1.14 -1.91%, yield: 0.34, cap: 26.006B, 1yr target: 68.26) reinstated with a Buy at BofA/Merrill…
Nabors (NBR, News, Press Releases: 19.88 -0.75 -3.64%, yield: N/A, cap: 5.659B, 1yr target: 27.19) downgraded to Neutral, $25 target, at Macquarie…
Nam Tai Electronics (NTE, News, Press Releases: 5.27 +0.27 +5.40%, yield: N/A, cap: 236.1M, 1yr target: 7.00) downgraded to Neutral at Ticonderoga Securities…
Oceaneering Int’l (OII, News, Press Releases: 61.53 -2.15 -3.38%, yield: N/A, cap: 3.379B, 1yr target: 68.54) upgraded to Outperform, $70 target, at Macquaire…
Potash (POT, News, Press Releases: 121.16 -1.72 -1.40%, yield: 0.33, cap: 35.875B, 1yr target: 126.59) reinstated with a Buy at BofA/Merrill…
Qlogic (QLGC, News, Press Releases: 19.85 -0.40 -1.98%, yield: N/A, cap: 2.261B, 1yr target: 22.03) upgraded to Buy at Canaccord Adams…
Repsol (REP, News, Press Releases: 24.14 -0.22 -0.90%, yield: 5.64, cap: 29.234B, 1yr target: 31.19) upgraded to Equalweight at Barclays…
Spartan Stores (SPTN, News, Press Releases: 14.60 +0.01 +0.07%, yield: 1.37, cap: 317.6M, 1yr target: 15.75) upgraded to Outperform, $17 target, at BMO Capital…
Superior Well Services (SWSI, News, Press Releases: 14.70 -0.97 -6.19%, yield: N/A, cap: 454.3M, 1yr target: 18.44) downgraded to Neutral, $20 target, at Macquaire…
Time Warner (TWX, News, Press Releases: 31.24 +0.08 +0.26%, yield: 23.69, cap: 35.933B, 1yr target: 34.09) initiated as Outperform at RBC Capital…
U.S. Auto Parts (PRTS, News, Press Releases: 7.56 +0.06 +0.80%, yield: N/A, cap: 226.0M, 1yr target: 7.88) initiated as Buy at Merriman…
US Steel (X, News, Press Releases: 59.24 -0.69 -1.15%, yield: 0.33, cap: 8.493B, 1yr target: 61.90) downgraded to Neutral from Buy, $55 target, at Goldman…
Viewpoint Financial (VPFG, News, Press Releases: 16.02 +0.03 +0.19%, yield: 1.25, cap: 385.4M, 1yr target: 16.33) upgraded to Outperform, $17 target, at KBW…
Verizon (VZ, News, Press Releases: 30.41 +0.11 +0.36%, yield: 6.17, cap: 86.234B, 1yr target: 32.81) downgraded to Market Perform from Outperform, $34 target, at FBR Capital…
Virgin Media (VMED, News, Press Releases: 16.79 -0.50 -2.89%, yield: 0.93, cap: 5.531B, 1yr target: 20.66) downgraded to Neutral from Buy, $17.50 target, at BofA/Merrill…
Whitney Holdings (WTNY, News, Press Releases: 13.71 +0.02 +0.15%, yield: 0.29, cap: 1.212B, 1yr target: 13.06) upgraded to Buy, $16 target, at Wunderlich Securities…
ZAGG (ZAGG, News, Press Releases: 2.94 -0.08 -2.65%, yield: N/A, cap: 63.8M, 1yr target: 5.75) upgraded to Buy from Neutral at Merriman…
WNS Holdings (WNS, News, Press Releases: 12.26 +0.46 +3.90%, yield: N/A, cap: 531.0M, 1yr target: 16.71) downgraded to Neutral from Buy, $16 target, at BofA/Merrill…

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AOL Names Board Members, Former FCC Chairman Michael Powell in list

Robert J. Steiner — Mon, 26 Oct 2009 15:25:13 +0000

AOL, a global Web services company, named nine members to serve on its Board of Directors, comprising Richard Dalzell, Karen Dykstra, William Hambrecht, Patricia Mitchell, Michael Powell, Fredric Reynolds, James Stengel and Jim Wiatt.

AOL noted that the members will join the Board when the separation from Time Warner Inc. is complete, with AOL CEO Tim Armstrong serving as Chairman of the Board. AOL LLC is a wholly owned subsidiary of Time Warner Inc.

“AOL is very fortunate to have an exceptional group of proven leaders to serve on our board of directors. AOL is on a mission to help create the future of media and content and the AOL Board will play a central part in helping us focus the strategy and also operate the company with the highest ethical standards,” said AOL CEO and Chairman of the Board Tim Armstrong. “These individuals bring independent judgment and a dedication to building shareholder value, and they will be a tremendous resource for our company, our employees, and our future.”

Time Warner plans to have the separation of AOL completed by the end of the year. According to AOL, Dalzell served as SVP and chief information officer of Amazon.com until 2007, Mitchell was president and CEO of The Paley Center for Media, and Reynolds was EVP and CFO of CBS Corporation from 2005 until he retired in 2009.

On the financial side, Dykstra is a partner at Plainfield Asset Management, Hambrecht is chairman and CEO of financial services firm WR Hambrecht + Co, and Powell has served as a senior advisor to Providence Equity Partners — a private equity firm focused on media, entertainment, communications and information investments, since 2005, and is a former Federal Communications Commission chairman.

Jim Wiatt served as chairman and CEO of the William Morris Agency from 1999 until 2009, overseeing areas including motion picture, television, music, publishing, theatre, digital, sports marketing, business development, investments and corporate consulting.

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Time Warner’s AOL Names taps Minson as Chief Financial Officer

Amarendra Bhushan — Fri, 28 Aug 2009 11:39:53 +0000

Time Warner Inc.’s AOL division has hired Time Warner Cable Inc. executive Arthur Minson to be its new Executive Vice President and Chief Financial Officer.

Minson joins AOL from Time Warner Cable (NYSE: TWC), where he has served as Executive Vice President and Deputy CFO and helped manage that company’s separation from Time Warner. Prior to his role at Time Warner Cable, Minson led AOL’s Corporate Finance and Development activities.

“We’re delighted to have Artie back at AOL as we continue our transition to an independent public company,” said AOL CEO Tim Armstrong. “Artie’s strong financial acumen, operating experience, and deep understanding of our company and the Internet and content industries make him a perfect fit for AOL. He’s also a public company veteran who helped handle Time Warner Cable’s transition to a public company. Artie will hit the ground running and be a tremendous asset to AOL as we focus on driving growth, value and innovation.”

“This is a wonderful opportunity to rejoin AOL at one of the most important and exciting times in this great company’s history,” said Minson. “AOL has an incredible collection of assets, and Tim has set the company on the right strategic course. I look forward to working with Tim and the entire AOL organization to help maximize the financial and operating performance of these assets and their value for investors.”

In his new role, Minson will oversee the company’s financial functions including accounting, financial planning and analysis, tax, treasury, human resources, mergers and acquisitions, and internal audit. Minson will be headquartered in New York City and will begin at AOL on September 8, 2009.

Minson previously served as Executive Vice President and Deputy Chief Financial Officer at Time Warner Cable, overseeing the company’s accounting, financial planning and analysis, operations finance, corporate services, and internal audit functions. He also worked closely with TWC’s treasury and IR departments, as well as senior management, to craft company strategy in those areas.

Minson joined Time Warner Cable in 2006 in connection with its planned IPO. Prior to that, Minson was Senior Vice President, Corporate Finance and Development at AOL, where he was responsible for financial planning and analysis, mergers and acquisitions and corporate financial administration. He’s also held senior finance positions at Rainbow Media Holdings, Inc. and Time Warner Inc. Minson, a CPA, began his career in the Audit Practice of Ernst and Young as one of Time Warner’s principal outside auditors. He holds a BSBA in Accounting from Georgetown University and an MBA with a concentration in Finance from Columbia Business School.

On May 28, 2009, Time Warner Inc. announced that its Board of Directors had authorized management to proceed with plans for the complete legal and structural separation of AOL from Time Warner. Following the proposed transaction, AOL would be an independent, publicly traded company. Time Warner has indicated that it aims to complete the proposed transaction around the end of this year.

Minson is replacing Nisha Kumar, who left the company earlier this summer.

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Time Warner buys up Google stake in AOL

Amarendra Bhushan — Tue, 28 Jul 2009 12:52:05 +0000

Google has sold its 5% stake in AOL back to Time Warner for $283m three years on from when it was valued at $1bn.

In a regulatory filing yesterday Time Warner revealed that it has completed the purchase of a 5% stake in its ISP subsidiary AOL from Google.

The firm paid USD283 million for the stake, meaning that it now holds 100% of AOL shares.

The price that the company paid for Google’s stake implies that AOL has a total value of about USD5.7 billion. As reported by Comms Update on 29 May, the Time Warner board has approved a plan for the complete legal and structural separation of its ISP subsidiary AOL from the core business. Following the spinoff AOL will become a publicly listed standalone company. Time Warner plans to have completed the separation by the end of the year.

Time Warner has paid $283 million for Google’s five percent stake in AOL. According to a US regulatory filing, Time wants to spin off AOL by the end of the year. It bought back Google’s stake for $283 million which means that the entire operation is worth $5.7 billion.

Time Warner now owns 100% of AOL’s stock. In April, it announced plans to spin AOL off as a separate, publicly traded company. The company will follow through later this year.

Following yesterday’s news of the exchange, shares of Time Warner rose two cents, or $27.60 a share. Google slipped $1.92 to $444.80 a share.

AOL acquired Time Warner in 2000 in an all-stock deal valued at $160 billion. At the time, this represented the largest merger/acquisition in US history.

Last week AOL announced plans to give Platform-A — the blanket ad unit that encompasses its premium ad sales, ad network Advertising.com and ad-server ADTECH — a fresh moniker. Come September, the umbrella will be known as AOL Advertising.

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