AOL Shares Up After Remarks About Ad Sales
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AOL Time Warner Inc. Chief Executive Gerald Levin said advertising revenue has stopped falling, but most media executives are not as optimistic.
“I’m not sure there is an upturn yet, but I do think advertising revenues are stabilizing,” Levin said.
The comment helped boost the world’s largest Internet and media company’s shares to close up $2.96 at $52.80 on the New York Stock Exchange, but analysts cautioned against any hasty links to the rest of the industry.
Merrill Lynch analyst Jessica Reif Cohen cut her earnings estimates for AOL Time Warner rival Walt Disney Co. She cited, in part, pressure on its media networks from weaker ad trends.
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