The S&P 500 was rising 5 points Thursday to 1,359.
Shares of News Corp gained 5.21% to $20.39. The media company reported Wednesday third-quarter net income of $937 million, or 38 cents a share, up from year-earlier earnings of $639 million, or 24 cents a share. On an adjusted basis, third-quarter earnings were 37 cents a share.
Analysts, on average, expected earnings of 31 cents a share, according to Thomson Reuters data.Shares of News Corp hit a 52-week high Thursday of $20.50. The stock's 52-week low of $13.38 was set on Aug. 9. News Corp trades at an estimated price-to-earnings ratio for next year of 11.95 times; the average for broadcasting and entertainment companies is 25.5. For comparison, Walt Disney has a higher forward P/E of 13.15. Nineteen of the 29 analysts who cover News Corp rated it buy. Nine analysts gave the stock a hold rating and one rated it sell. The stock has risen 14.29% year to date.
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