Media Stocks Rallying

Reuters took a page out of our playbook and looks at the state of media stocks in today’s economy. What did it find? Good news, actually, at least in the short-term.

The article notes that Time Warner Inc. and News Corp. are up almost 20 percent in the past month while CBS found its stride and jumped 40.

This isn’t likely to last, however, as “experts warn advertising budgets are not yet showing indications of a comeback, after corporations heavily cut spending on everything from print campaigns to Web banners as the recession worsened late last year.”

We should know a lot more later this week when companies ranging from Walt Disney Co. to Viacom report their first quarter earnings. Expect stocks to take a hit as earnings are projected to be quite poor.

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