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News > Companies
Time Warner drops
November 22, 1999: 12:53 p.m. ET

Shares fall after analyst lowers her rating on media/entertainment company
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NEW YORK (CNNfn) - Shares of Time Warner Inc. fell Monday after an analyst lowered her rating on the media and entertainment company.
     Merrill Lynch analyst Jessica Reif Cohen lowered her rating on the New York-based company to an intermediate-term "accumulate" from a "buy" because of "a lack of near-term catalysts" and "difficult comparisons for the next two to three quarters."
     Shares of Time Warner (TWX), the parent company of CNNfn, were off nearly 6 percent in midday trade, falling 3-13/16 to 63.
     "We continue to rate Time Warner a long-term 'buy,' given its depth of management, financial strength and unique mix of both content and distribution assets," Cohen wrote.
     Cohen also wrote that the only significant near-term factor that could drive Time Warner shares higher is the restructuring of the Time Warner Entertainment unit, which includes the Warner Brothers movie studio and Home Box Office.
     In a statement, Gerald M. Levin, Time Warner's chairman and chief executive officer, said the company is on track for another record year in 1999.
     "While we are still in the budget process for year 2000, we remain confident with respect to the solid short-term and long-term outlook for our company," Levin said.Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.