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 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

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