1. Show article details.

    BULLET: US CORPORATES: Individual high grade bonds were......

    Market News Intl Fixed Income Bullets – 2:36 PM ET 05/27/2015

    US CORPORATES: Individual high grade bonds were mixed on the day by anywhere from around 1 bp to 4 bps, per MarketAxess (MKTX). However, some of Time Warner Cable's (TWX) debt continued to dominate volumes, after Charter Communications (CHTR) agreed Tues to acquire the company for about $58Bn, plus net debt of $22Bn. TWC's 5.000% notes due Feb. 2020 were last 20 bps tighter on the day at T+180 bps; and the cable giant's 4.500% bonds due Sept. 2042 were last 7 bps wider at T+250 bps (25 bps better on the week). Total estimated investment-grade corporate bond trading volume was last around $13.0Bn, per MarketAxess.

  2. Show article details.

    BULLET: US CORPORATES: Given the Fed's data-dependent........

    Market News Intl Fixed Income Bullets – 2:26 PM ET 05/27/2015

    US CORPORATES: Given the Fed's data-dependent stance towards normalizing monetary policy, market participants generally anticipate a rate hike sooner rather than later as better U.S. economic data crosses the wires. However, a multitude of global event risks, including the near-term potential for Greece to default on its sovereign borrowing obligations appears to underpin U.S. Treasury prices. BofA Merrill Lynch credit strategist Hans Mikkelsen noted in a recent Situation Room report that "this combination of expected liquidity tightening and risk-off is a lower rates, wider credit spreads scenario." He said that "Greece has the potential to continue influencing spreads for at least a number of weeks," but ultimately, this uncertainty "will pass," and U.S. investment grade spreads, which closed just 0.2 bps wider at the end of Tuesday's trading session - "partially helped by the rally" in Time Warner Cable's (TWX) bonds - "shows remarkable resilience." The Ig.24 was last -0.862 at 63.00 bps vs early morning wide of 63.816 bps.

  3. Show article details.

    BULLET: COMPANY NEWS: /RATINGS: Moody's today placed Time....

    Market News Intl Fixed Income Bullets – 10:09 AM ET 05/26/2015

    COMPANY NEWS: /RATINGS: Moody's (MCO) today placed Time Warner Cable's (TWX) 'Baa2' credit ratings on review for downgrade after Charter Communications (CHTR) ('Ba3') said it will acquire TWC for $200 p/share in cash-and-stock or roughly $80 billion ($58 billion of equity plus net debt of $22 billion). Charter also announced its plans to purchase Bright House Networks for $10.4 billion ($2.0 billion in cash, $2.5 billion of convertible preferred partnership units, and $5.9 billion of common partnership units). Moody's (MCO) review for TWC's downgrade "reflects its intention to merge with a lower-rated and more leveraged entity, which given the financing plans which include a significant debt component, will lead to deterioration in the newly combined TWC, Charter and Bright House's balance sheet strength and credit metrics." The ratings agency estimates that "the deal could leave the combined entity with a debt burden" (of more than $60 billion and pro-forma debt-to-EBITDA of around 4.5x, compared to TWC's current outstanding gross debt of $23 billion and adjusted leverage of 3.0x. TWC's 4.50% Sept 2042s last dominate trading activity, -61 bps on the day at T+245 bps.

  4. Show article details.

    BULLET: US CORPORATES: Some of Time Warner Cable's...........

    Market News Intl Fixed Income Bullets – 9:02 AM ET 05/26/2015

    US CORPORATES: Some of Time Warner Cable's (TWX) longer-dated debt has gapped tighter by more than 50 bps and are leading trading activity this morning following the Charter/TWC merger announcement. However, trading flows are very light. TWC's 4.50% Sept 2042s were last -58 bps on the day to T+248 bps. IG corporate bond trading volume was last just 860M. IG.24 was last +0.07 bp to 63.80 bps.

  5. Show article details.

    BULLET: COMPANY NEWS: /RATINGS: After Comcast's proposed.....

    Market News Intl Fixed Income Bullets – 8:54 AM ET 05/26/2015

    COMPANY NEWS: /RATINGS: After Comcast's proposed merger with Time Warner Cable (TWX) fell through in late April, Moody's (MCO) warned that a marriage with Charter would likely result in a multi-notch downgrade. While the ratings agency had confirmed its 'Baa2' rating on Time Warner Cable (TWX) in late April it changed its outlook to negative, with a warning about other potential suitors. The ratings agency had said that "there is a reasonable probability that Charter Communications, Inc. (CHTR) could once again attempt to purchase the company, "possibly through a highly leveraged deal" using Time Warner Cable's (TWX) "otherwise strong balance sheet" and cautioned that under this scenario, Time Warner Cable's (TWX) "credit profile, balance sheet strength and financial flexibility would be materially impacted and could result in a multi-notch downgrade" of its credit ratings. TWC stock last up 6.40% to $182.10, Charter shares last up 0.50% to $176.24.

  6. Show article details.

    BULLET: COMPANY NEWS: Shares of Time Warner Cable (TWC)......

    Market News Intl Fixed Income Bullets – 8:48 AM ET 05/26/2015

    COMPANY NEWS: Shares of Time Warner Cable (TWX) were last up nearly 7.40% to $183.85 after Charter Communications (CHTR) agreed today to merge with TWC for around $195.71 p/share. At the same time, Charter will acquire Bright House Networks for $10.4 billion. The deal follows the termination of the proposed Comcast/TWC merger in late April due in large part to intensified regulatory scrutiny. Janney Montgomery corporate credit analyst Jody Lurie noted that the "Charter/TWC merger seemed to be in the works prior to Comcast's (CMCSA) offer a little over a year ago, and as part of the Comcast/TWC deal, Charter was going to buy a portion of the combined company to appease anti-trust regulators. It appears now that Charter will be buying the whole company." Charter's cash-and-stock purchase is valued at about $57 billion, plus the assumption of $22 billion in net debt, with management guidance for pro forma leverage of 4.5x debt to adjusted 2015 EBITDA, she observed. "This transaction is just another in what seems to be the year of the transformative M&A activity, as private equity firms sit on the sidelines due to companies' record cash balances and lack of areas for organic growth in the sluggish global economic environment," Lurie added.

  7. Show article details.

    Hollywood summons the apocalypse to boost summer box office

    MarketWatch – 6:03 AM ET 05/21/2015

    After a dismal 2014, studios hope for a record summer. If the apocalypse does actually show up a few months from now, there's a good chance the movie-going public will yawn. By early September, fans of the big screen will have seen the world come close to the brink-- or in some cases be pushed over it-- so many times on celluloid that they may not believe it if it actually happens.

  8. Show article details.

    Spotify to start offering videos

    Reuters – 1:53 PM ET 05/20/2015

    Streaming music service Spotify will soon provide video content from musicians, news organizations and TV networks in a bid to sign up more subscribers, the company said on Wednesday.

  9. Show article details.

    Berkshire Hathaway cuts stakes in Charter Communications, Viacom

    MarketWatch – 5:28 PM ET 05/18/2015

    Warren Buffett's Berkshire Hathaway Inc. (BRK/A) reduced its stake in several media-company holdings--including Charter Communications Inc. (CHTR), Viacom Inc. (VIA) and Liberty Global PLC--in the first quarter. Berkshire sold 219,101 shares of Charter Communications Inc. (CHTR), which has been pushing a merger with fellow cable operator Time Warner Cable Inc., after the latter company's merger with Comcast Corp. (CMCSA) fell through last month. Berkshire held roughly 5.98 million shares of Charter as...

  10. Show article details.

    Charter, Bright House Extend Talks

    DJ Business News – 3:55 PM ET 05/18/2015

    Charter Communications Inc. (CHTR) and Advance/Newhouse have extended the negotiating period for their previously announced merger by another 30 days, keeping alive a deal despite the collapse of a separate cable deal on which it was said to be contingent. Charter, the fourth largest cable operator in the U.S. by subscribers, has made a $10.4 billion bid for Advance/ Newhouse' s Bright House Networks LLC. Bright House is the sixth largest cable operator in the U.S., with about two...

  11. Show article details.

    Charter, Bright House extend talks over proposed merger

    DJ Business News – 3:48 PM ET 05/18/2015

    Charter Communications Inc. (CHTR) and Advance/Newhouse have extended the negotiating period for their previously announced merger by another 30 days, keeping alive a deal despite the collapse of a separate cable deal on which it was said to be contingent. Charter, the fourth largest cable operator in the U.S. by subscribers, has made a $10.4 billion bid for Advance/ Newhouse's Bright House Networks LLC. Bright House is the sixth largest cable operator in the U.S., with about two million...

  12. Show article details.

    BRIEF-Greenlight Capital Inc takes 330,901 shares in BNY Mellon

    Reuters – 4:53 PM ET 05/15/2015

    Greenlight Capital Inc: * Greenlight Capital Inc takes 330,901 shares in BNY Mellon - SEC filing * Greenlight Capital Inc UPS share stake in AerCap Holdings NV (AER) by 49.1 percent. to 5.6 million * Greenlight Capital Inc takes a 9.5 million share stake in GM * Greenlight Capital Inc cuts share stake in Marvell Technology Group Ltd (MRVL). by 63.4 percent to 9.0 million * Greenlight Capital Inc cuts share ...

  13. Show article details.

    "Mad Max" director Miller hints more films possible

    Reuters – 11:04 AM ET 05/14/2015

    Director George Miller has come close to confirming there could be more to come in his "Mad Max" franchise, saying he has additional storylines kicking around in his head after completing "Mad Max: Fury Road".

  14. Show article details.

    BULLET: US TSYS/30Y: Traders said some mild safe-haven bid...

    Market News Intl Fixed Income Bullets – 9:06 AM ET 05/14/2015

    US TSYS/30Y: Traders said some mild safe-haven bid emerges in Tsys as CNN (TWX) cited Iran Revolutionary Guard boats shooting across the bow of a Singapore-flagged cargo ship; such ship then ran to the UAE waters; CNN (TWX) said no US citizens involved, but mkt wary of Iran actions. Treasuries this morning had muted two-way flows, including pre-auction shorts into the 1pm ET $16B 30Y bond auction; and also Asian buying generally, which followed mixed flows overnight (see 7:55am ET US Tsys Recap) but also Asian funds/asset mgrs buying the long end.

  15. Show article details.

    George Miller sweeps viewers back into striking world of 'Mad Max'

    Reuters – 6:51 PM ET 05/12/2015

    When director George Miller returned to his dystopian "Mad Max" franchise after 30 years for "Fury Road," he wanted to find a visceral way to immerse the audience in his surreal, saturated post-apocalyptic world. "It felt like going back to something we had done in the past," Miller told Reuters.

  16. Show article details.

    WeChat is Tencent's ace in China's online entertainment race

    Reuters – 5:00 PM ET 05/12/2015

    In a multi-billion dollar dogfight with Alibaba Group Holding Ltd (BABA) for leadership in China's online entertainment market, mobile messaging app WeChat is Tencent Holdings Ltd's trump card. The wildly popular app allows Tencent to channel 500 million monthly active users to its entertainment services, a huge consumer base for subscriptions or marketing - pay dirt for media and advertising partners.

  17. Show article details.

    Verizon gets a lot for little money in its deal for AOL

    MarketWatch – 3:14 PM ET 05/12/2015

    The transaction is nothing like AOL's (TWX) $103.5 billion acquisition of Time Warner (TWX) 14 years ago. Maybe the worst thing about AOL Inc. (AOL) is its name. It confuses the coverage of the deal announced today, in which Verizon Inc. plans to acquire AOL Inc. (AOL) for $4.4 billion in cash.

  18. Show article details.

    Mayweather, Pacquiao fight smashes pay-per-view records

    Reuters – 2:14 PM ET 05/12/2015

    The "Fight of the Century" between boxing greats Floyd Mayweather Jr. and Manny Pacquiao generated record pay-per-view revenue in the United States of $400 million from 4.4 million buys, cable networks Showtime and HBO (TWX) said on Tuesday. The May 2 fight in Las Vegas that saw Mayweather beat Pacquiao in a unanimous decision cost $99 to view in high definition.

  19. Show article details.

    Mayweather, Pacquiao fight sets pay-per-view records

    Reuters – 1:42 PM ET 05/12/2015

    The 'Fight of the Century' between boxing greats Floyd Mayweather Jr. And Manny Pacquiao is expected to have generated more than $500 million worldwide, a record for pay-per-view buys and revenue, cable networks Showtime and HBO (TWX) said on Tuesday.

  20. Show article details.

    BULLET: COMPANY NEWS: AOL shares were last soaring more......

    Market News Intl Fixed Income Bullets – 9:37 AM ET 05/12/2015

    COMPANY NEWS: AOL (TWX) shares were last soaring more than 17.70% after Verizon (VZ) (Baa1/BBB+) today said it agreed to purchase the company for $50 p/share, or an estimated total of about $4.4Bn. Verizon (VZ) said the acquisition is intended in large part to evolve its LTE wireless video and OTT (over-the-top video) strategy. The giant telecom expects to fund the transaction from cash on hand and commercial paper. Verizon (VZ) also continues to expect to return to pre-Vodafone (VOD) transaction credit ratings in the 2018-2019 timeframe. The deal is expected to close this summer, after it obtains customary approvals and closing conditions. Verizon (VZ) shares last down about 1.25% to $49.18; AOL (TWX) last up more than 17.70% to $50.13.

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Today's and Upcoming Events

  • Aug
    5

    TWX to announce Q2 earnings Before Market (Unconfirmed)

Past Events (last 90 days)

  • May
    27

    TWX ex-Dividend for $0.35 on 5/27/2015

    • Announce Date: 4/23/2015
    • Record Date: 5/31/2015
    • Pay Date: 6/15/2015
  • Apr
    29

    TWX Earnings Conference Call at 10:30 AM Listen

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Technical Events

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