07.01.2009 12:00 PM
Deutsche Bank Cuts CBS Forecast

NEW YORK: Deutsche Bank cut its earnings estimates on CBS for the second quarter, AP reports. A Deutsche Bank analyst was quoted as saying that earnings were expected to come in at 6 cents a share, compared to the forecasted average of 10 cents. The investment bank scaled back its outlook because of skepticism about a rally in the media segment. Some investors see signs of the advertising market on a rebound the Deutsche analyst said, but that would be challenging “given the sorry state of the consumer.” A rating of “hold” was reinforced.

Standard & Poor’s cut CBS’s corporate credit rating earlier this month, from BBB to BBB-, and issued a negative outlook on the company. S&P rolled back its rating on concerns that the media company’s revenues weren’t sufficient to manage its leverage.

A shares of the company slid a bit on the Deutsche news, from more than $7 to less than $6.90 in Tuesday afternoon trading. The stock was inching back toward $7 today. Share opened the year near $9 and reached a nadir March 9, along with much of the market, when they hit $3.06.

-- Deborah D. McAdams

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Tuesday 06:00 AM
Eleven FCC Scenarios for The 600 MHz Band Plan
I suspect that the estimated $44 billion of auction proceeds do not take into account the fact that some spectrum the FCC will buy cannot be resold because it must be used as guard intervals in the 600 MHz band plan.~ Charles W. Rhodes

D. Pagan Communications /   Friday 11:45 AM
Wall Street Communications /   Friday 01:16 PM
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