Analyst Downgrades Scripps Nets, MSG
With earnings season on the horizon, analyst David Joyce of Miller Tabak + Co. has downgraded stock in two media companies, Scripps Networks Interactive and Madison Square Garden.
Joyce says that Scripps is already near its short term target price and noted that it appears that Food Network had managed to renew carriage deals representing about 25% of its subscribers at the end of 2011 at acceptable terms. He adds that deals representing about 50% of Travel Channels subscribers expire at the end of the year and that those could be tougher negotiations.
Noting that Scripps CFO Joe NeCastro has sold shares recently, Joyce is now rating the shares Neutral, down from Buy.
At MSG, Joyce notes that on top of not having a deal with Time Warner Cable, the Knicks are playing lousy. “We have noted some correlation with the Knicks’ performance and the stock, but not have been scientific about it yet,” he says. “This does factor into the potential for post-season revenue and cash flow modeling, however.”
Joyce is rating MSG at Neutral, down from Buy.
Maezi commented:
the food at MSG has got to be some of the worst in the league, I've been to ltpney of other arenas & had such great food. whether it was soft shell crab sandwiches in Carolina or Tacos in Staples Center, the wings in Buffalo or crepes in Montreal. I've never even given this any thought until I saw it up here today & now that I think about it's truly disgraceful that in the greatest city in the world in the most famous sports building there is other than Yankee Stadium where we pay the highest prices in the league my tix cost me a little more than 9k for this coming season, you cant get a decent food vendor, the hot dogs suck the sausage & peppers I would not feed to my dog, yea sure if you want to pay 150 bucks a night you can get a good meal there but other than that the pickens are slim. Oh & I fdorgot the chili in Chicago has got to be the best I've eaten or close to it. It really is a shame from crappy food to flat stale beer the Garden needs an overhaul to say the least. thks for posting this its really food for thought pun intended!!!!
Cyntia commented:
It isn't cool to use the F word too freely....It doesn't make you coeolr and it doesn't add anything intelligent to your writing! Cut that out!!!!your F'n cool auntie