Investment firm Sanford C. Bernstein on Wednesday released a new pessimistic report on media company earnings, TelevisionWeek reports. “The recent run-up in media stocks suggests investors are looking past the horrid near-term trends to a happier place off in the horizon,” the publication quotes analyst Michael Nathanson as saying in a report. “However, we think the rally will meet resistance once the market realizes that the 1Q results are below consensus.” The company issued new lower estimates for first-quarter earnings that are below the Wall Street consensus levels.
—Greg Baumann