The company’s CEO Dick Parsons said he is pleased with the media giant''s 2006 performance and all the achieved financial goals. In 2006, the company in tandem with Comcast Corp. completed the acquisition of bankrupt cable operator Adelphia Communications. As a result, Time Warner Cable added about 3.2 million basic-cable subscribers and 7.6 million homes passed. Looking ahead, Time Warner said it expects 2007 earnings of $1 a share. This forecast excludes discontinued operations and the cumulative effect of an accounting change, but it includes about 10 cents a share to reflect the sale of AOL''s Internet access business in Germany. The average analyst profit view stands at $1.01 a share, compared with 81 cents a share on an adjusted basis earned in 2006.


7:30AM Asian markets end lower Wednesday on Shanghai poor performance.
Asian markets finished lower on Wednesday. The Shanghai Composite Index plunged 4.9% to 2,786, its biggest single-day loss in eight months. Large-capitalized companies declined sharply on increased worries over high stock valuations. China United Telecommunications plummeted 9.3%, China Petroleum & Chemical dived 8.8% and China Vanke plunged 9.4%.

Japanese Nikkei Index also slipped 0.6% to end at 17,383. Shares in Sony closed 1.4% lower after the company Tuesday announced a 5.3% drop in Q3 net profit. Nikko Cordial dived 15% after it was revealed that senior executives had been involved in manipulating earnings at the brokerage.

The Hong Kong Hang Seng Index shed 1.7% to 20,106. China Mobile, the second-largest constituent of the local benchmark index by market capitalization after HSBC, slid 3.2% after rising 3.1% Tuesday. South Korean Kospi Index declined 0.8% to 1,360. Korea Electric Power declined 3.1% on an increase in global oil prices. Hynix Semiconductor finished 1.7% lower, reducing gains on concerns its earnings could decline sharply in Q1.

Australian S&P/ASX 200 decreased 0.7% to close at 5,773. Profit-taking was the reason for the stock market decline after strong gains Tuesday. Stocks that led the rally Tuesday were hit the most Wednesday, with QBE Insurance ending 2.2% lower. Taiwan index ended 0.5% lower at 7,700.


6:30AM European markets are flat Wednesday, as financials pull stocks down.
European markets edged lower on Wednesday. By mid morning, the FTSE 100 in London lost 0.1% to 6,238.0, Frankfurt Xetra Dax shed 0.3% to 6,769.70 and the CAC 40 in Paris slid 0.4% to 5,620.6.

Advancers

Amsterdam-listed Corus gained 6.6% as Tata Steel of India won the bidding war with CSN of Brasil. Expectations for consolidation in the sector are still high as the offer by Tata for Corus followed on closely from Mittal Steel buying Arcelor. Shares in Arcelor Mittal were up 1.5%, German ThyssenKrupp added 1.3%, Salzgitter rose 1.8% and Finnish stainless steel group Outokumpu gained 0.8%.

Banco Popolare di Verona e Novara advanced, despite weakness in the banking sector, after HSBC maintained its overweight position and raised its price target. Last week, the Bank of Italy cleared the proposed merger of BPVN with Banca Popolare Italiana. BPVN shares gained 1.3%, while BPI added 0.9%. Novo Nordisk, the Danish drugmaker, gained after reporting a 13% rise in full-year operating profits. The shares gained 0.9%.

Decliners

Financial stocks declined after several sessions of gains. Commerzbank of Germany fell 0.4% as its Polish division BRE Bank decided not to pay an annual dividend despite posting net income had more than doubled in 2006.

Infineon fell 2.4% after Goldman Sachs removed the German chipmaker from its conviction buy list after the stock recent strong performance. Carmakers were also lower, with Porsche off 1.7% and Peugeot down 2.5%.

Oil and gold

Oil prices declined Wednesday as the market awaited the weekly U.S. inventories report. Crude oil for March delivery fell 39 cents to $56.90 in electronic trading on the New York Mercantile Exchange. Brent crude for March delivery dipped 36 cents to $56.03 a barrel on the ICE Futures exchange in London. Gold fell in London as the dollar gained against the euro. Gold for immediate delivery in London traded at $645.60 an ounce in early trade, down 0.3%.

Currencies

The US dollar traded at $1.2934 against the euro in early trade in London, from $1.2970 late yesterday in New York. The dollar was trading at 121.50 yen, down slightly from 121.62 yen late Tuesday in New York.