Time Warner ( TWX) reported fourth-quarter earnings in line with Wall Street's expectations on Wednesday, but its shares lost ground as traders found a lack of positive surprises from the media giant. The company reported earnings of $1.75 billion, or 44 cents a share, for the quarter. That marked a 35% increase from the $1.3 billion, or 28 cents a share, it recorded for the year-ago period. A number of one-time items, like the sale of its AOL dial-up services in Europe and revenue gains from its newly acquired cable properties, boosted the results. Excluding special items, earnings were 23 cents a share, down from 24 cents a year ago, but in line with Wall Street's consensus estimate. The company guidance for 2007 earnings of $1 a share was also in line with expectations, but Time Warner shares recently were down 21 cents, or 1%, to $21.83. Miller Tabak analyst David Joyce says the market's reaction to the results reflected a "sell on the news" reaction from traders that were betting on an upside surprise from Time Warner. "People are looking at some short-term blips here and there, but I think this just gives us a good entry-point for investors with the longer-term view," says Joyce, who holds a buy rating on Time Warner shares with a $27 price target.