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Wall St Speaks Out on WPP
By: Dan Salmon   (08/27/2014)

WPP reported 2Q14 net organic revenue growth of +4.4% versus our +4.1% estimate. Half-year headline EPS of £0.29 compared to our £0.30 and consensus of £0.28. 1H headline net PBIT margins of 13.0% were slightly below our 13.2% estimate. Revenue results were driven by the Advertising and Media Investment Management segment (+6.1% vs. our +5.3%).

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Wall St. Speaks Out on Pandora
By: John Tinker   (08/25/2014)

We continue to see Pandora gaining share from terrestrial radio broadcasters as declines in terrestrial radio advertising accelerated in 2Q14 and were down 3% y/y to $3.5B (down 1% y/y to $6.5B in 1H14). However, we have reviewed our 2014 and 2015 revenue estimates as share gains in local markets may take longer than our initial forecast. In total, we have reduced our 2014 and 2015 revenue estimates by $18M and $50M, respectively. We are now forecasting revenue growth of 43.5% and 31.7% in 2014 and 2015 to $915M and $1.20B, respectively.

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Wall St. Speaks Out: It's Not All About the Consumer!
By: Brian Wieser   (08/22/2014)

To the extent that demographics matter in media and advertising, it's all about the consumer, right? Er…wrong. For lack of a better term, "business demographics" are an under-appreciated concept, especially in context of the media and marketing industries. We've previously argued that as a medium whose decision-makers are not people, per se, but corporations, the most appropriate unit of analysis to understand the industry is its underlying components – businesses. Consumers do matter of course, but only after we first understand what is set in place by the frameworks in which the decision-makers operate.

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Wall St. Speaks Out - Cowen 2014 Internet Bus Tour
By: John Blackledge   (08/15/2014)

Two days into the 2014 Cowen Internet bus tour we have met with eight Internet companies based in Seattle and the SF Bay Area. We present the several highlights on Amazon, Twitter and LinkedIn below. We will provide further updates.

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Wall St. Speaks Out on Rocket Fuel x+1 Acquisition and Disney's Strong Quarter
By: Compiled from Multiple Sources   (08/08/2014)

Concurrent with the earnings report, FUEL announced its intent to acquire X+1, which is a DSP+DMP platform. While we believe the kneejerk reaction will be to view the acquisition (in the context of the guidance) as defensive, we view it as strategically sound, as this presents the client with a more rounded product portfolio and increases stickiness as a function of X+1's SaaS model. We also believe the advertiser headwinds in the form of greater agency prioritization of its own trading desk and bot-driven traffic quality concerns as transitory and ultimately ROI-irrational, and with FY guidance appropriately de-risked we are buyers on the pullback.

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Wall St. Speaks Out: Fox Withdraws Bid for Time Warner (Flash) - Members-Only Report
By: Dan Salmon   (08/05/2014)

Fox Withdraws Bid for Time Warner 21st Century Fox (FOXA, $31.30, Outperform) announced after the close that it has withdrawn its bid for Time Warner (TWX, $85.19, Market Perform) after Time Warner's management and board would not engage in negotiations. Fox also announced a new $6 billion share buyback authorization.

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Wall St. Speaks Out on Ad Tech - (Members-Only Report)
By: Brian Wieser   (08/04/2014)

Many investors and industry participants we interact with are sometimes surprised to learn that we don't formally cover companies commonly characterized as focused on "ad tech" given the volumes of research we do and commentary we provide on the sector and its components. But there is very good reason we spend so much time on it: ad tech is, at its heart, the modern day guts of the advertising industry. How it evolves and is applied by "traditional" and "digital" media companies alike will go a long way towards driving the broader industry's relative winners and losers in years ahead.

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Wall St. Speaks Out on Nielsen
By: Dan Salmon   (08/01/2014)

Nielsen reported 2Q14 adjusted EPS of $0.62, ahead of our and the Street's $0.61 estimate. Watch revenue of $694mm was in line with our $693mm but ahead of the Street's $683mm estimate, while EBITDA of $301mm was ahead of both our $294mm and the Street's $296mm estimate. Buy revenue was $900mm, ahead of our $884mm and the Street's $892mm estimate, while EBITDA of $167mm was light compared with our and the Street's estimate of $181mm and $171mm, respectively. 2014 guidance was largely maintained.

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Wall St. Speaks Out: Omnicom–Strong; Publicis-Weak
By: Dan Salmon   (07/25/2014)

We are raising our target to $82 from $80 as we roll over valuation to 2015 estimates, implying 17.5x P/E and 8.9x EBITDA. We raise our 2015 EPS estimate to $4.70 from $4.60, reflecting higher share repurchase estimates.

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Wall St. Speaks out on Fox Time Warner
By: Compiled from Multiple Sources   (07/18/2014)

We believe FOX will increase its bid for TWX, as we see earnings accretion on an all-stock deal valued up to $160/share. As we had highlighted in our June note on TV mergers: "TV Merger Matrix - Who Is Next?" we believe this transaction is one of the few mega-cap ones that makes both too much strategic and financial sense to ignore. Essentially, there is significant room to negotiate a higher price before a deal would dilute earnings.

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So, just for fun and, in honor of Labor Day (and people who work for a living) here is a list of buzzwords, biz speak and hipster droppings that should be banned from every business meeting forevermore.

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Why should humans own all the world’s copyrights? The question is prompted by a photograph that’s made worldwide news. In Indonesia, a female crested black macaque monkey picked up a camera owned by photographer David Slater. I won’t focus much on the story of the monkey and her selfie because that topic has already been well-discussed in the media. Yet the story sets the table for more intriguing and ultimately more important issues. A brief recap of the story of the monkey and the selfie follows. The monkey did what a lot of us would do with a camera. She took selfies.

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