NEW YORK (CBS.MW) -- News Corp.'s U.S.-listed shares dipped 4 percent Thursday despite better-than-expected third-quarter earnings largely driven by "Titanic." Australian-based News (NWS) /zigman2/quotes/204787942/composite NWS -4.78% said it earned 32 cents per share vs. the consensus estimate of 27 cents by analysts surveyed by Zacks Investment Research. News Corp. produced "Titanic" jointly with Viacom (VIA) /zigman2/quotes/206819775/composite VIA -0.61% .While the film has taken in well over $1 billion in box office sales, analysts worry that the company's profits are tied too closely to the movie. Without another "Titanic," the company's profits will likely sink, they say. Shares fell 1 11/8 to 26 1/4
Imax rocks, but stock dips
Imax stock slipped after reporting first quarter earnings of 14 cents a share diluted, up from 12 cents a share last year. Analysts surveyed by Zacks had expected the large screen movie exhibitor to earn 15 cents a share. Revenue increased 11 percent to $36.1 million from $32.5 million a year earlier. Boosting the big-screen company was record attendance for its showing of MacGillivray Freeman Films' "Everest" which has been among the top 20 grossing films in North America every week since its release in March. Shares of Imax fell 5/8 to 27 3/4.
Happy tunes at Musicland
Musicland Stores (MLG) shares climbed 15/16 to 13 11/16 after the company reported April sales grew 9.4 percent to $111.5 million. Last year, the company reported April sales of $101.9 million. Musicland operates Sam Goody and other record stores worldwide.
Tribune names development team
The Tribune Company (TRB) /zigman2/quotes/204152309/composite TRC -3.76% named a team to develop consumer-oriented products and services in print, online and broadcast media. John Twohey, a senior editor at the Chicago Tribune, will direct the unit. Twohey?s experience includes stints as associate managing editor for arts and entertainment, sports editor, daily op-ed page and Sunday Perspective section editor. Tribune Company stock fell 9/16 to 66 7/8.
N.Y. Times' EntreMed story flap
The New York Times faced questions about a Sunday story on cancer that helped send EntreMed stock soaring the next day. The story featured Nobel laureate James Watson, who predicted that cancer would be cured with EntreMed?s new products. In the article, Watson is quoted as saying, "Judah is going to cure cancer in two years," referring to researcher Dr. Judah Folkman, a Harvard professor developing anti-cancer drugs with EntreMed. EntreMed shares skyrocketed as much as 588 percent Monday after the story was published. Watson?s office sent a letter challenging the paper?s accuracy of the cancer-cure quote. The Times stood by the story. Shares of the newspaper's parent New York Times Co. (NYT) /zigman2/quotes/202090840/composite NYT -1.42% fell 5/8 to 71 1/8. EntreMed shares (ENMD) rose 1 15/16 to close at 33 1/16.