Franklin Paul

Correspondent, New York, NY
Franklin's Feed
Feb 9, 2010

Warner Music falls to loss, but beats Street

NEW YORK (Reuters) – Warner Music Group posted a narrower-than-expected loss on Tuesday as strong sales in Britain and France helped overcome declining demand for traditional music discs in the United States and Japan.

But the No. 3 music company, whose top selling artists include Michael Buble and Enya, continues to face a shrinking market for compact discs and international licensing revenue.

Chief Executive Edgar Bronfman said the company continued to perform strongly in digital music sales, which accounted for 35 percent of all sales in the quarter.

Like its bigger peers Vivendi SA’s Universal Music Group and Sony Corp’s Sony Music Entertainment, Warner Music is struggling with declining sales of recorded music as fewer fans buy albums on CDs.

Feb 9, 2010

Warner Music falls to loss, but beats Street

NEW YORK, Feb 9 (Reuters) – Warner Music Group <WMG.N> posted a narrower-than-expected loss on Tuesday as strong sales in Britain and France helped overcome declining demand for traditional music discs in the United States and Japan.

But the No. 3 music company, whose top selling artists include Michael Buble and Enya, continues to face a shrinking market for compact discs and international licensing revenue.

Chief Executive Edgar Bronfman said the company continued to perform strongly in digital music sales, which accounted for 35 percent of all sales in the quarter.

Like its bigger peers Vivendi SA’s <VIV.PA> Universal Music Group and Sony Corp’s <6758.T> Sony Music Entertainment, Warner Music is struggling with declining sales of recorded music as fewer fans buy albums on CDs.

Feb 9, 2010
Feb 8, 2010
Feb 8, 2010
Feb 5, 2010

Corning sees rising profit, but outlook hurts stock

NEW YORK (Reuters) – Specialty glass maker Corning Inc <GLW.N> expects sales and earnings to rise this year, driven by strong global demand for TVs and mobile phones, but concerns that the company’s outlook was too conservative sent the stock lower on Friday.

Corning shares dipped 3 percent after the largest maker of glass for liquid crystal displays said that while glass volume will rise this year, the biggest shipments will come in the first quarter, according to forecasts it delivered at an investor meeting in New York on Friday.

“If that scenario plays out, you could be looking at a situation where future quarters in 2010 have lower levels of demand, against a backdrop of more supply,” which could hurt market prices, said Oppenheimer & Co analyst Yair Reiner.

Corning, whose rivals include LG Display Co Ltd <034220.KS> and Asahi Glass Co Ltd <5201.T>, said total glass industry volume for the year could reach 3 billion square feet, up from 2.45 billion square feet in 2009.

Feb 5, 2010

Corning sees rising profit, but outlook hurts stock

NEW YORK, Feb 5 (Reuters) – Specialty glass maker Corning Inc <GLW.N> expects sales and earnings to rise this year, driven by strong global demand for TVs and mobile phones, but concerns that the company’s outlook was too conservative sent the stock lower on Friday.

Corning shares dipped 3 percent after the largest maker of glass for liquid crystal displays said that while glass volume will rise this year, the biggest shipments will come in the first quarter, according to forecasts it delivered at an investor meeting in New York on Friday.

“If that scenario plays out, you could be looking at a situation where future quarters in 2010 have lower levels of demand, against a backdrop of more supply,” which could hurt market prices, said Oppenheimer & Co analyst Yair Reiner.

Corning, whose rivals include LG Display Co Ltd <034220.KS> and Asahi Glass Co Ltd <5201.T>, said total glass industry volume for the year could reach 3 billion square feet, up from 2.45 billion square feet in 2009.

Feb 5, 2010
Feb 5, 2010
Feb 4, 2010

Kodak says sales may grow, but stock tumbles

NEW YORK, Feb 4 (Reuters) – Eastman Kodak Co <EK.N> sees a possible return to sales growth in 2010, as its digital printing and licensing businesses improve, but investors appeared concerned about the slow path to profitability, and its shares fell 10 percent.

At its annual investor meeting on Thursday, Kodak, which has been shifting its focus to digital products and services as demand for traditional cameras and film slip, said it expects digital revenue growth of 5 percent to 9 percent for the year. Overall revenue is seen flat to up 1 percent.

That would be a vast improvement from 2009, when the company’s revenue fell 19 percent to $7.6 billion. Kodak’s 2010 outlook of $7.5 billion to $7.7 billion compares with analysts’ view of $7.65 billion, according to Thomson Reuters I/B/E/S.

Despite the company’s optimism, Kodak shares buckled after rising 61 percent over the past month. Kodak shares were down 69 cents to $6.14 in afternoon trading on the New York Stock Exchange.