A rebound in advertising and strong performance at News Corp's networks led the media giant to beat expectations. Adjusted earnings came in at 29 cents per share, a penny higher than analysts expected and up from adjusted EPS of 25 cents a year ago.
What follows is a roundup of corporate earnings reports for Wednesday, Feb. 2.
Stocks were narrowly mixed ahead of the close, but still remained within a narrow trading range, as investors focused on unrest in Egypt and took a breather after the market posted new multi-year highs on Tuesday. Disney rose, while Home Depot fell.
Time Warner's stock is soaring — now up over 8 percent — on strong fourth quarter results and an upbeat outlook for 2011 that tops Wall Street expectations. Earnings per share grew 22 percent, on eight percent higher revenue, driven by higher advertising, subscriptions and content revenue, especially at its cable networks.
Stocks struggled for direction on Wednesday as clashes between government supporters and protesters in Egypt weighed on the market amid news of a better-than-expected gain in private-sector hiring last month. Merck and BofA fell, while Disney rose.
We're waiting for the locusts to arrive: the financial district was a sheet of ice as I arrived at 7 AM. Halfway around the world, there is a Category 5 cyclone approaching Queensland, Australia. It may be the strongest cyclone to hit Queensland since 1899. Just what they need. This is why commodity stocks like Rito Tinto and BHP Billiton are rallying in Europe.
See what's happening, who's talking and what will be making headlines on Wednesday's Squawk on the Street.
With the Middle East in the background, financial markets are turning their attention to Friday's jobs report and other U.S. economic data slated for this week.
Unrest in Egypt has replaced Europe's debt crisis as a flash point for markets, and any unfolding developments there will no doubt affect trading in the week ahead.
CBS stock moved south starting at around 2:15 pm, at one point off as much as 2 percent. It happens that at 2:20pm Eastern TMZ posted a report that Charlie Sheen was rushed to the hospital this morning on a stretcher. Charlie Sheen happens to be the highest-paid actor on television, and the star of the top TV sitcom, CBS' 'Two and a Half Men.'
Netflix has had a dizzying run in the past year - its stock is up over 270 percent. The big question on investors minds: will it maintain its growth and justify its valuation? Netflix reports fourth quarter earnings after the bell and will give its guidance for EPS and revenue for Q1 and the full year 2011.
Today the DOW hit that crucial 12,000 benchmark, and it's worth taking stock of how the index's three media and telecom stocks have fared since the last time we saw 12,000.
The big winner of the morning is "The King's Speech," from The Weinstein Co. — grabbing the lead with a whopping 12 nominations including Best Picture, Actor and Director.
Although it is still a tentative environment for the economy, it's clear that investors are now rewarding growth," Aryeh Bourkoff, vice chairman of Joint Global Head of TMT Investment Banking UBS, told CNBC on Thursday.
The Golden Globes are taken far less seriously than the Oscars. They're voted on by only 90 members of the Hollywood Foreign Press, but they're also a lot more fun for attendees.
At a dinner of media, advertising and Internet execs, hosted by consulting company MediaLink LLC, Rupert Murdoch stood up and raised a glass, saying it's more important than ever for News Corp to work with technology companies early in their content development process.
Bewkes is incredibly bullish on what the new tablets and smartphones screens here at CES mean for Time Warner's bottom line.
As Netflix continues to increase its presence in the media landscape, Time Warner CEO Jeff Bewkes doesn't consider the online DVD subscription and streaming service company as a threat.
CES kicks off today and buzz is already building about the hot new devices and services that will grab the attention of consumers and investors. Some clear themes have already emerged and it's all about new mobile devices, seamless integration of streaming and traditional content, more powerful chips, and persistent 3D.
The popular social networking site has raised $500 million from the investment bank and a Russian investor in a deal that values the company at $50 billion, the New York Times reports.