UPDATES: Both U.S. exchanges reported no damage from the storm, which last night pushed a sea surge well into Lower Manhattan and flooded the financial district around Wall Street. The floor and building of the NYSE “are fine,” Robert Rendine, a spokesman, wrote in an e-mail to Bloomberg today. The stock market was closed Monday and Tuesday — the first time trading had been suspended for two days because of weather since 1888.
Meanwhile, CNN and The Weather Channel were forced to backtrack after falsely reporting Monday night that there was three feet of water on the floor of the NYSE. CNN meteorologist Chad Myers and The Weather Channel’s Bryan Norcross reported the closed building had flooded, with Myers citing “the National Weather Service, through broadcast media”, presumably referring to The Weather Channel. The report soon began to unravel. Tweets from Politico’s Ben White and NY1′s Pat Kiernan denied the report. A spokesperson for the NYSE then told ABC that the Weather Channel had issued an “egregiously false” report. Both organizations retracted the report.
NASDAQ told the beleagured independent movie production company yesterday that it’s concerned about possible violations of its rules regarding notification of new share issuance — and the requirement for investors to approve new securities that … Read More »
The company name sounds a little creepy, but investors attracted to anything that has to do with China and entertainment may be glad to know that beginning tomorrow NASDAQ will carry shares of YOU On Demand, China’s top provider of pay-per-view and VOD services, under the ticker symbol “YOD.” It currently offers films from Disney, Warner Bros, Lionsgate, and Miramax. Before you call in your “buy” order, you should know that the company’s still in its investment phase and lost $4.2M in Q1 — an increase from its $2.6M loss in the period last year — on revenues of about $2M, up 20%. This month CEO Shane McMahon loaned the company $3M. Company shares have lost nearly 40% of their value over the last 12 months in over the counter trading. These and other factors “raise substantial doubt about the Company’s ability to continue as a going concern,” YOU On Demand says in its latest Read More »
UPDATE 4:10 PM: The markets couldn’t sustain an early afternoon rally amid concerns that France might lose its AAA debt rating and that Spain or Italy might default on payments. The Dow Jones Industrial Average fell … Read More »
Wall Street has high expectations for AMC Networks as it prepares to begin its new life Friday as an independent, publicly traded company. Most, and possibly all, of the analysts following the owner of AMC, IFC, WeTV and Sundance have a “buy” rating on the stock, which Cablevision Systems is spinning off and will trade on NASDAQ under the symbol “AMCX.”
The company’s going public as its biggest channel, AMC, enjoys a hot streak. Mad Men is bidding to become the first series since NBC’s The West Wing to win the Emmy for Best Drama Series for four straight years. If The Walking Dead and The Killing also are nominated, then AMC could become the first cable network to have three candidates in that category. Another AMC hit, Breaking Bad, isn’t eligible this year.
Maxim Group’s John Tinker says that AMC has “done an exceptional” job of commissioning original series as he projects that AMCX will hit $34 in 12 months. He’s concerned, though, that AMC won’t enjoy most of the financial rewards from its hits. For example, Mad Men producer Lionsgate owns the show’s syndication rights. Tinker also fears that AMC’s collection of older movies compete too directly with Netflix. Cable cord cutting “is here to stay,” he says. Read More »