Market Minute: News Corp. Sees Ad Revenue Falling; Lululemon Exec Cashes In

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Another rough day is in store for investors, as are tough times for a leading TV network. Those and more are what's in business news Thursday.

The Dow industrials (^DJI) slid another 126 points Wednedsay. It's the Dow's first three-day losing streak this year. That's a record 112 trading days without a mini-losing streak. The S&P 500 (^GSPC) fell 13 and the Nasdaq (^IXIC) lost 36 points.

And the market could come under more pressure this morning following big-time selloffs overseas. Japan's Nikkei index tumbled another six percent, plunging it into bear market territory. That means it's down 20 percent from the high it hit just three weeks ago.
rupert murdoch chairman news corp. fox network ad revenue
Frederic J. Brown, AFP/Getty ImagesNews Corp. Chairman and CEO Rupert Murdoch


In corporate news, ad revenue for the coming season at News Corp.'s (NWS) Fox Network is expected to drop 10 percent from a year ago, after a sharp decline in ratings for "American Idol" and other key shows. The Wall Street Journal also reports CBS and NBC, which is now owned by Comcast (CMCSA), are seen posting modest increases in ad revenue.

Britain's Parliament issued a harsh report criticizing Google (GOOG) for its tax avoidance, and called on the revenue service to fully investigate the company. It also urged closing the accounting loopholes Google uses.

Lululemon Athletica's (LULU) chairman, Dennis J. Wilson, sold $50 million worth of company stock just days before the shares plummeted 17 percent on word its CEO was resigning. On first blush, the timing is suspicious, but the chairman last year set up plan to sells shares at specific intervals, so he wasn't trading on inside info.

Safeway (SWY) has agreed to sell its Canadian supermarkets for $5.7 billion. It will use some of the money to pay down debt.

Shares of PVH Corp. (PVH) are in style today. The owner of Tommy Hilfiger, Calvin Klein and other brands, easily beat earnings expectations. It also raised its revenue outlook for the current quarter.

It's the same story for discount retailer Five Below (FIVE) -- better than expected earnings and an upbeat forecast. And a billion-dollar initial-public offering from Coty hits the market today, one of the largest ever by a consumer-products company. It will trade under the ticker symbol, COTY.

Check back after the market closes Thursday for the new DailyFinance closing bell report.

-Produced by Drew Trachtenberg


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Emilio Paletta

With regard to the Fox channel, I couldn't be happier. I've been switching to other channels as of late,
because of the inordinate amout of commericals. Pehaps next year I will return as an avid fan.

June 13 2013 at 6:48 PM Report abuse rate up rate down Reply
1 reply to Emilio Paletta's comment
h.hughjardon

Your claim of too many commercials kinda contradicts the article.

June 14 2013 at 12:42 AM Report abuse -1 rate up rate down Reply
demcoverup

badbadevan
demcoverup

Name them!
================================================
Iraq has got weapons of mass destruction, remember.

_________________________________________

That was Peloisi, Clinton, Kerry, Gore and many other democrats who said Saddam had WMD's so they all lied too. Tsk Tsk more lies from the democrats. They just don't stop.

June 13 2013 at 4:22 PM Report abuse -1 rate up rate down Reply
demcoverup

I wonder what new lies will come out today that the Obama administration has been telling.

June 13 2013 at 3:44 PM Report abuse -1 rate up rate down Reply
cedelstein

Amazing how much some "rightists" cannot accept that FOX has taken a hit. But any outlet that calls itself fair and balanced and is so not fair and balanced needs its fanclub. Long may FOX survive. We "leftists" need to find out out how far, far right is thinking. To speak, one must listen.

June 13 2013 at 1:54 PM Report abuse -2 rate up rate down Reply
1 reply to cedelstein's comment
demcoverup

I find it amazing how obsessed liberals are with Fox News instead of being concerned about all the lies their leader Obama has been telling. Not to mention all the cover ups.

June 13 2013 at 3:41 PM Report abuse -1 rate up rate down Reply
js4024

oh but golly gee... CNN, ABC, NBC , and CBS are just rocking it.. NOT.. Fox is doing the best out of all of them but the leftists at HUFFPO blog won't admit that!

June 13 2013 at 1:25 PM Report abuse +3 rate up rate down Reply
h.hughjardon

badbadevan
Not only is Fox News sliding down the poop chute, but Rush Limboob also .
xxxxxxxxxxxxxxxxxxxxxxx

Maybe try reading the article first. It didn't say Fox News Channel.

June 13 2013 at 1:20 PM Report abuse +2 rate up rate down Reply
LyMartin

It's about time.....

June 13 2013 at 12:41 PM Report abuse -2 rate up rate down Reply
cvliotta

i would have to say bullshiii

June 13 2013 at 12:28 PM Report abuse -1 rate up rate down Reply
partractor

STORY IS ABOUT FOX NETWORK NOT FOX NEWS!
You liberals need to read a bit better.
Also, the reason you don't see ratings news on MSNBC is cause they can't go any lower. An MSNBC host can hang himself live on tv and we would only know about it when another network reports it.

June 13 2013 at 12:20 PM Report abuse +4 rate up rate down Reply
beniehill

FOX covers all Obama's "road shows". This is why I am fed up with FOX. None of the other left wing media, which most of them are, do not cover their BOY.

June 13 2013 at 12:19 PM Report abuse -1 rate up rate down Reply