3Q11 Reports:
AT&T reported "solid earnings" ($0.61 diluted EPS v. $0.54 y/y when excluding one-time gains in the 3Q10) and a 2.1M boost in wireless subscribers to pass 100M. But, noted
Bernstein Research's
Craig Moffett, "In the new normal, organic growth is anemic" and odds on that hoped for boost from a
T-Mobile acquisition are down to 10%. Still, he concludes, "For defensive minded investors, AT&T remains the name to own in the space, in our view."
Really: Tomorrow in Los Angeles, the
News Corp. annual meeting will take place with elections for directors on the agenda. Meanwhile, allegations of corruption continue to fly on several fronts. Expect lots of noise; no changes. --- That long-delayed
WildBlue satellite (aka ViaSat-1) is now officially in orbit. The high-capacity Ka-band spot beam satellite could begin offering high-speed broadband service in the U.S. and Canada early next year.
Deals: According to the
Wall Street Journal,
Microsoft is working toward a
Yahoo bid in conjunction with private-equity firm
Silver Lake Partners and the
Canada Pension Plan Investment Board. ---
Carl Icahn has reduced his stake in
Lions Gate Entertainment from 3.1% to 1%. Icahn had agreed to sell his position after a failed take-over bid.
More News in The Morning BRIDGE ... early tomorrow in your in-box.•
