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Wire

Update: New York Times Shares Fall After Q2 Results

(Updates with the company's latest stock move in the headline and first paragraph.)The New York Times (NYT) shares were down 15% in Wednesday trading after the company reported its Q2 results.The company posted quarterly adjusted earnings of $0.69 per diluted share, up from $0.58 a year earlier.Analysts surveyed by FactSet expected $0.66.Revenue for the quarter ended June 30 was $762.5 million, up from $685.9 million a year earlier.Analysts polled by FactSet expected $752 million.Price: $64.20, Change: $-11.41, Percent Change: -15.09%

$NYT
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.1%.In corporate news, Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said. Paramount shares were up 1.7%, and Warner Bros. climbed 2.4%.Casey's General Stores (CASY) shares gained 4.1% after Northcoast Research upgraded the stock to buy from neutral with a price target of $950 per share.Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 0.8%.New York Times (NYT) reporters were subpoenaed by the Trump administration as part of a leak investigation tied to the newspaper's reporting on security concerns involving a Qatari-gifted Air Force One aircraft, The Wall Street Journal reported. According to the report, four New York Times reporters were subpoenaed after the newspaper reported that President Donald Trump returned from Turkey on an older Air Force One over security concerns involving the Qatari-gifted jet. New York Times shares were up 0.3%.

$CASY$NYT$PSKY$PZZA$WBD
Sectors

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.8%.In corporate news, Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said. Paramount shares were up 2%, and Warner Bros. climbed 3%.Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 1%.New York Times (NYT) reporters were subpoenaed by the Trump administration as part of a leak investigation tied to the newspaper's reporting on security concerns involving a Qatari-gifted Air Force One aircraft, The Wall Street Journal reported. According to the report, four New York Times reporters were subpoenaed after the newspaper reported that President Donald Trump returned from Turkey on an older Air Force One over security concerns involving the Qatari-gifted jet. New York Times shares were up 1.2%.

$NYT$PSKY$PZZA$WBD
Wire

New York Times Keeps Quarterly Dividend at $0.23 a Share, Payable July 23 to Holders of Record July 8

New York Times Keeps Quarterly Dividend at $0.23 a Share, Payable July 23 to Holders of Record July 8

$NYT
Research

Research Alert: Nyt: CFRA Lifts Opinion To Hold From Sell Following Multiple Contraction

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Shares of NYT have fallen 9% since we initiated our Sell on March 23, with next-12-month P/E compressing from 30x to 26x, now below its 27x three-year average. The sell-off was driven by macro headwinds (rising yields, inflation, geopolitics) rather than fundamental deterioration, prompting our upgrade to Hold from Sell. We keep our target price at $76, 27x our unchanged 2026 EPS estimate of $2.83, which remains below the five-year average of 30x. At a recent conference, CEO Levien expressed confidence in reaching 15M subscribers by 2027 vs. 13M today. Operating margins expanded from 7.9% in 2019 to 12.3% in 2025 due to digital bundle adoption. Q1 digital-only subscription revenue grew 16% Y/Y, supporting our estimates. However, we remain at Hold rather than Buy given ongoing print revenue declines (~8% of revenue, declining mid-single digits annually), and AI platform risk, where generative AI could pressure traffic over time, though NYT's premium content and recent licensing deals provide a partial offset.

$NYT
Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of The New York Times Company

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target by $3 to $76, based on 27x our 2026 EPS estimate, a discount to shares' 30x five-year average forward multiple. We raise our 2026 EPS estimate from $2.69 to $2.83 and 2027's from $2.82 to $2.89. Q1 2026 results included strong subscriber growth to 13.1M (+12.2% Y/Y), adding 310K new subscribers while also growing 2.4% to $9.77. Advertising revenue grew 32% to $93.3M, a significant acceleration from 2025. While this was encouraging, the company expects advertising revenue growth to decelerate to a high-teens percentage range. This has had a material impact on operating margins (Q1 margins expanded 200 bps Y/Y). Additionally, the key investor concern remains on growing average revenue per user while supporting subscriber acquisition momentum. We maintain our Sell rating primarily on valuation, as we think shares fully reflect ongoing momentum in subscriber growth and price in a more durable growth trajectory on historically cyclical ad revenues.

$NYT
Research

Research Alert: Nyt: Strong Digital Subscription And Advertising Revenue Fuel Q1 Beat

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:NYT delivered a clean Q1 beat with adjusted EPS of $0.61 (+49% Y/Y) vs. consensus' $0.47, and revenue of $712.2M (+12.0% Y/Y) vs. the $700M estimate. Digital-only ARPU accelerated to +2.4% growth at $9.77, up from Q4's 0.7%, while digital advertising surged 31.6% to $93.3M, the strongest growth in five quarters. This combination of ARPU acceleration and digital ad strength reinforces the bull case for continued subscriber monetization, addressing key investor concerns around pricing power. Management guided Q2 digital subscription revenue growth of 14%-17% and digital advertising in the high-teens. We believe the 200 bps operating margin expansion to 16.6% demonstrates meaningful operating leverage as revenue growth outpaced cost increases. With the digital subscriber base reaching 12.52M, we expect continued earnings growth, led by promotional-to-paid transitions and selective price increases, though we will monitor whether net adds can maintain pace as the base scales.

$NYT
Wire

New York Times Growth Story Intact, Valuation Limits Upside, BofA Says

The New York Times (NYT) could continue to grow through its bundled digital subscriptions, advertising gains, video expansion, and potential AI licensing revenue, but recent stock outperformance and valuation expansion leave limited near-term upside, BofA Securities said in a note Wednesday.The company is well-positioned in digital media after building a broader subscription business around news, lifestyle products and utility offerings through its All Access bundle. BofA expects revenue to grow 7% annually and adjusted operating profit to rise 14% annually from 2025 through 2028.BofA said subscription revenue, which makes up nearly 70% of the business, provides recurring cash flow and visibility. Advertising could remain a growth driver, supported by stronger digital ad demand, improved monetization and engagement in areas such as Games and Sports.The investment firm also said the company's video buildout and its AI licensing deal with Amazon could create new high-margin revenue streams over time.BofA initiated coverage for The New York Times with a neutral rating and an $84 price objective, noting that valuation and risks such as potential AI-driven traffic disruption keep the risk-reward balanced.Price: $81.08, Change: $-0.54, Percent Change: -0.66%

$NYT
Research

BofA Securities Initiates New York Times at Neutral With $84 Price Target

New York Times (NYT) has an average rating of overweight and mean price target of $74.11, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $81.59, Change: $-0.03, Percent Change: -0.04%

$NYT

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