Time Warner Inc. today marked a new annual low of $16.90 before paring some of its losses to close at $17.01. The media mogul has been plummeting for some time now, losing more than a quarter of its value since the beginning of the year.
The month of November has been a rough patch for the equity, and, unluckily for TWX, it's barely halfway over.
Take a look at some of the headlines Time Warner has accrued since November 1:
- J.K. Rowling and Warner Bros. sue RDR Books for unlicensed Harry Potter paraphernalia.
- TWX CEO Richard Parsons announces retirement, effective Dec. 31; Board of Directors names current president Jeffrey Bewkes his successor.
- TWX reports 53% drop in third-quarter net.
- AOL agrees to purchase advertising company Quigo.
- TWX confesses writer's strike could delay production release dates.
- Standard & Poor puts TWX on CreditWatch with negative implications.
- Warner Bros. Home Entertainment Group to purchase U.K. game developer TT Games.
- Bewkes slated to receive minimum salary and target bonus of $10.25 million.
- Outgoing Parsons slated to receive $1.5 million salary through 2008.
- Bi-partisan controversy-inducer Al Gore rumored to be named Time Magazine Person of the Year over NYC subway hero Wesley Autrey.
- FCC recommends cutting cable lease rates.
- Yet another controversial figure, Barry Bonds, rumored to be named Sports Illustrated Sportsman of the Year.
- CNN Worldwide announces its $10 million investment to hire 15-16 new correspondents.
Technically speaking, ever since its 10-day and 20-day moving averages made a bearish cross in late July, TWX has met resistance at the former average, marking new annual lows along the way. Analysts seem to think the stock will perk back up and recover from its losses, though, as those polled by Zacks currently give TWX 10 strong buy ratings, 1 buy rating, 2 hold ratings, and no sell or strong sell ratings.