Wells Fargo defends the sector:
Broadcast stocks oversold: Wells Fargo • 10:43 AM
Wells Fargo is out with a spirited defense of broadcast stocks after the group got beat up over concerns about advertising trends and the lack of M&A opportunities.
The most interesting point from Wells might be its view that concerns over Aereo are just a bunch of noise. The firm thinks even with a Supreme Court win Aereo will have to pay for local broadcast re-transmission.
Related stocks: NXST, LIN, GTN, SBGI, BLC, TRBAA.
The sector stocks are all going down From the SBGI board . . . " Friday the Supreme Court agreed to hear the Aereo case. If the Aereo service is upheld, it's a killer for retransmission fees, or because broadcast stations may go cable (very doubtful). Anyway, if they agreed to hear the case last Friday, a decision can't come down until June, and I think the selling is overdone. But what do I know? "