Time Warner Lights Up Wall Street

Updated from April 28

Paced by "spectacular quarters" from its film and television operations, Time Warner (TWX) posted stronger-than-expected first-quarter numbers and boosted 2004 guidance.

Wednesday afternoon's solid report comes on the heels of positive comments from big media rivals such as Viacom (VIAB) and Comcast (CMCSA), both of which have impressed Wall Street over the last week with their improving financial outlooks. Time Warner shares rose 3% Thursday. ...