On Friday, the Dow (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) surged by more than 2%. The rally was led by a strong earnings report from media giant Disney (NYSE:DIS). The company reported net income above Wall Street’s expectations for its fiscal fourth quarter. The earnings report also gave a boost to these other media players.
Shares of CBS (NYSE:CBS) popped nearly 5% on Friday. The company reported third quarter earnings on November 3 that were also impressive. Net income for the broadcasting company rose 6.5% to $338 million (50 cents per share), compared to $317.3 million (46 cents per share) in the same quarter a year earlier. While advertising revenue was flat at $2 billion, CBS generated higher licensing and affiliate fees in the quarter. Shares are up 38% year-to-date. Get the most recent company news and stock data here >>
Time Warner Inc. (NYSE:TWX) shares finished Friday 3% higher. Last week, the company reported that net income for the third quarter increased to $822 million (78 cents per share), compared to $522 million (46 cents per share) in the same quarter a year earlier. This marks a rise of 57.5%. Chairman and Chief Executive Officer Jeff Bewkes said: “This was another terrific quarter for us, financially and strategically, putting us on pace to exceed our prior financial goals for the year. Our results demonstrate the success of Time Warner’s focus on investing in great content that audiences love and leading the evolution of how it’s delivered.” Shares have increased nearly 10% year-to-date. Get the most recent company news and stock data here >>
Discovery Communications, Inc. (NASDAQ:DISCA) also gained 3% on Friday. It early November, the global media and entertainment company reported its fifth straight quarter of double-digit growth. Net income for the company rose 27.4% to $237 million (59 cents per share), compared to $186 million (43 cents per share) last year. Shares previously slumped 4% after announcing that Chief Operating Officer Peter Liguori will resign at the end of 2011. Shares are now up 4% for the year. Get the most recent company news and stock data here >>
Viacom, Inc. (NYSE:VIA) shares are up 16% for the year, and popped 3.2% on Friday as it announced it would be moving its stock from the New York Stock Exchange to the NASDAQ Global Select Market. The move is “cost effective” and will “provide shareholders with strong execution and liquidity.” The MTV owner received a boost in earnings from its hit show Jersey Shore. Get the most recent company news and stock data here >>
Disney’s Competitors to Watch Include: News Corporation (NASDAQ:NWSA), Comcast Corporation (NASDAQ:CMCSA), Journal Communications, Inc. (NYSE:JRN), Cumulus Media Inc. (NASDAQ:CMLS), Scripps Networks Interactive, Inc. (NYSE:SNI), Entravision Communication (NYSE:EVC), and Entercom Communications Corp. (NYSE:ETM).
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