Date: 19th October 2000
Time Warner on Wednesday indicated that it "beat the street," saying in its quarterly report that operating earnings grew 13 percent, 1-2 percent more than analysts had predicted. Stock in the company, which had lost more than a quarter of its value in the past two weeks, rose $3.69 to $69.25.
AOL, which is acquiring the company, reported an 87-percent rise in quarterly earnings. Its stock jumped $3.31 to $46.91. (However, shares in both companies opened sharply lower in early trading today -- Thursday.)
Speaking with reporters following release of the company's third-quarter figures, Time Warner chief Gerald Levin said that the AOL-Time Warner merger is now "in the homestretch" and expressed confidence it will close in the fall.
Source: Studio Briefing