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Early Earnings OK on Paper, but the Street Is Responding Negatively
Media and communications companies report mostly towards the end of each quarter’s earnings season. As a result I look for clues in the early reports. So far we have heard from Omnicom (NYSE:OMC) Gannett (NYSE:GCI) Media General (NYSE:MEG) Google (NASDAQ:GOOG) Yahoo (NASDAQ:YHOO) Virgin Media (NASDAQ:VMED) and Verizon Communications (NYSE:VZ). I would classify the results and guidance commentary as decent. However Wall Street has reacted negatively but that is mostly due to poor results from companies outside of media and communications. I would also caution that the recent earnings related sell-off in the market reflects the economy in the spring ...
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