Stocks to Watch: News Corp., Zynga, Kohl's
NEW YORK -- News Corp.(NWSA) posted a quarterly loss of $1.55 billion, or 64 cents a share, after the media giant recorded a $2.9 billion write-down on its publishing assets.
Excluding the write-down, News Corp. earned 32 cents a share in the quarter, down from 35 cents a share a year earlier, but in-line with analysts' expectations.
Revenue declined 7% to $8.37 billion; analysts were calling for revenue of $8.78 billion.
News Corp. said in June that it planned to separate its struggling publishing business from its entertainment assets by next year.
Zynga (ZNGA) Chief Operating Officer John Schappert, an industry executive who came from Electronic Arts(EA) , is resigning, effectively immediately, according to an 8-K filing from the San Francisco-based social gaming company.
Schappert also resigned from Zynga's board. He was a member of the mergers and acquisitions committee of the board.
Sirius XM(SIRI) shares jumped 7.6% Wednesday to $2.48 on news that Liberty Media will spin off the Starz cable network into a separate company, providing Liberty with more cash to pursue the satellite radio company.
Liberty Media owns more than 40% of Sirius' common shares.
Sirius also announced plans Wednesday to sell $400 million of debt, due in 2022.
Retailer Kohl's (KSS) is expected by analysts Thursday to post quarterly earnings of 96 cents a share on revenue of $4.21 billion.
Wendy's(WEN) , the fast-food chain, is expected by analysts to earn 5 cents a share in its latest quarter on sales of $647.9 million.
Brinker(EAT) , the restaurant company, is expected by analysts to post fiscal-fourth quarter earnings of 58 cents a share on revenue of $734.3 million.
-- Written by Joseph Woelfel