Watch it where?
Watching television on an actual…television? Ugh. That is like so last year. Well maybe not just yet but AT&T (T) and DirecTV (DTV) are banking on it. They are on a mission to deliver content to all of your devices and not jut that relic of a 96″ HD monitor you’ve been paying off for the better part of the year. So much so that AT&T just picked up the satellite programming provider from the telecommunications giant for a staggering $48.5 billion. That’s $3.5 billion more than what Comcast (CMCSA) is shelling out for Time Warner Cable (TWC). The merger between AT&T and DirectTV puts their customer base at 26 million while Comcast/Time Warner Cable have slightly more at 30 million subscribers. However, all these companies do face regulatory issues from the FCC and the Department of Justice. But mergers like these are allegedly good for the consumer. Cheaper bundles are headed our way. Though to be fair I’m skeptical after spending my morning live chatting with one of the telecom giants just to switch my cable carrier.
They’re paying you what?!
Target shareholders felt its recently ousted CEO, Gregg Steinhafel was getting a bit too much of payday. Especially considering he was at the helm of the company as its holiday shopping season hacking fiasco unfolded before his eyes. Steinhafel’s 2013 paycheck was slashed by 37%. Instead of making the $20.6 million he earned in 2012, he now only received $12.9 million. I know you feel for him. Steinhafel has to pay back $5.4 million in retirement benefits also. I know. I know. Your heart goes out to the guy. But not to worry. He can just wipe away his tears with all those $100 bills he’s going to have courtesy of his $54 million golden parachute.
Not so comforting food…
While Campbell’s Soup (CPB) is good food, its earnings were definitely not. Despite marching out some new products this year, it just wasn’t enough to beat Wall Street’s expectations. The company behind Prego and the snack that smiles back, Goldfish, was not smiling back it its third quarter which saw its revenue pretty much flatline. Analysts pegged their earnings at $2 billion instead of the disappointing $1.97 billion it posted. It was hardly a dent into the $1.96 billion it pulled in last year at this time. On the dairy front, Kraft Foods (KRFT) must have been feeling a bit lactose intolerant today thanks to a cottage cheese recall. 1.2 million cases of the stuff was taken off the shelves. Some of their ingredients were not stored well and this may or may not result in stuff that would gross you out. But not as much as it’s going to gross out Kraft’s revenue.