Fox had a quote today that they were expecting a tsunami of ad revenue from baseball and
this is a way of playing that without buying Fox directly for obvious reasons.
Jesus-
Floor & Decor price target raised to $70 from $48 at Wells Fargo 08:01 FND Wells Fargo analyst Zachary Fadem raised the firm's price target on Floor & Decor to $70 from $48 and keeps an Overweight rating on the shares. The analyst notes that despite well understood Q2 headwinds, shares are 135%-plus off April lows, as expectations build for improving sequential trends, solid comps at re-opened stores and a second half of 2020 recovery driving upward comp/EPS revisions. Based on his survey, data and industry checks, Fadem is raising his Q2/Q3/Q4 comp estimates as he believes reopened stores are comping positive, the housing market is recovering, and Floor & Deck remains well positioned to take share in a highly fragmented category.
FND-$63 I'd still wait for $58.50 but When it was there I was saying lower but I believe that is good support. ///
I mean as these things go, Sinclair is the second largest owner of television stations in the country. So they've got that. I liked the stock. Hell it was $65 just over a year ago. They pay a dividend, and they make money. Low PE. 11ish.
Is the bad news over?
If it is $18's a floor. But they can always go lower. WS can be brutal when a dividend gets cut, and they may have to do that to meet their debt obligations.
They also were on the receiving end of the biggest fine the FCC ever levied earlier this year. They tried to buy Tribune and pulled a bunch of bs. The idea was to actually give Fox News some competition. Trump wanted the merger too lol, Sinclair leans right in a big way fwiw.
It's their balance sheet that has all the portfolio managers spooked.
EDIT: Here's a read:
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Sinclair agrees to pay record-setting $48 million FCC civil penalty
May 06, 2020 10:45PM ET
2/2
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By David Shepardson
WASHINGTON (Reuters) - Sinclair Broadcast (NASDAQ:
SBGI) Group has agreed to pay a $48 million fine to the Federal Communications Commission (FCC) resolving the probe into the company's abandoned deal to buy Tribune Media in what the agency said was its largest-ever civil penalty.
Sinclair Chief Executive Chris Ripley said in a statement on Wednesday the company was pleased with the resolution.
"Sinclair is committed to continue to interact constructively with all of its regulators to ensure full compliance with applicable laws, rules and regulations," said Ripley, who is the company's president.
In June 2019, the FCC disclosed it had opened a new investigation into whether Sinclair engaged in misrepresentations or a lack of candor in the $3.9 billion Tribune deal. The civil penalty also resolves FCC investigations into whether the company met its obligations to negotiate retransmission consent agreements in good faith and its failure to identify the sponsor of content, the FCC said.
The FCC said Sinclair, the second-largest television station operator, has agreed to "abide by a strict compliance plan." The penalty is twice the prior record for a broadcaster.
"Sinclair’s conduct during its attempt to merge with Tribune was completely unacceptable," said FCC Chairman Ajit Pai. "Today’s penalty, along with the failure of the Sinclair/Tribune transaction, should serve as a cautionary tale to other licensees seeking commission approval of a transaction in the future."
Pai rejected suggestions the FCC revoke Sinclair’s licenses.
Tribune terminated the sale of 42 TV stations in 33 markets to Sinclair, which owns or operates 191 stations, in August 2018. A month earlier the FCC questioned Sinclair’s candor over the planned sale of some stations and suggested Sinclair would effectively retain control over them.
The collapse of the deal, which was backed by U.S. President Donald Trump, potentially ended Sinclair’s hopes of building a national conservative-leaning TV powerhouse that might have rivaled Fox Corp's Fox News.
Nexstar Media Group (NASDAQ:
NXST) Inc acquired Tribune in a $4.1 billion deal in September.
Democrats accused Sinclair of slanting news coverage in favor of Republicans. Trump in 2018 criticized the Republican-led FCC for not approving the Tribune deal, saying on Twitter it "would have been a great and much needed Conservative voice for and of the People."
In 2017, the FCC said it was fining Sinclair $13.38 million after it failed to properly disclose that paid programming that aired on local TV stations was sponsored by a cancer institute. That probe was also resolved as part of the settlement.
