Media

ASIC reports Fairfax is the most shorted stock in the index, with daylight second. Why?

Total job ads numbers rose in May, but it was all due to online ads, with newspapers missing out on the monthly bounce.

Investors are currently nervous and FY11 earnings estimates may be too high but Citi still sees value in equities at current levels, while GSJB Were outlines its current preferences.

Merrills includes Tabcorp as a “best idea” while Weres notes little interest in REITs. Citi sees strong leading indicators and likes the ad market.

Morgan Stanley has initiated on 10 emerging companies with nine positive ratings, while both JP Morgan and Credit Suisse have also identified value elsewhere in the sector.

In the ongoing process of post-GFC regulatory changes, ASIC is looking to formalise stock broker recommendations in the wake of investor complaints.

We are now in grind-up phase in the stock market while Asciano comes into favour, more media upgrades are occurring and the home builder survey continues.

Will banks be releasing unneeded provisions into profits shortly? How’s the housing market looking? And has the media sector really rebounded?

Deutsche Bank has upgraded News Corp to a Buy and GSJB Were and Macquarie have reiterated their positive views as the earnings outlook for the media group continues to improve.

While not much has changed post APN News & Media’s two-day investor conference, brokers remain confident about the company’s recovery prospects.