Afternoon BUZZERS: Comcast JUMPS, Apple and Time Warner DIP

Comcast (NASDAQ:CMCSA) shares jumped 3.56 percent in early afternoon. The company reported second quarter earnings of $1.35 billion (50 cents per share), compared to $1.02 billion (37 cents per share) a year earlier. Meanwhile, revenue rose 3.6 percent to $2.25 billion.

Time Warner (NYSE:TWX) shares were up 1.81 percent in early afternoon trading. The media entertainment company reported that net income for the second quarter fell to $430 million (44 cents per share), compared to $638 million (59 cents per share) a year earlier. Chairman and Chief Executive Officer Jeff Bewkes said, “Across Time Warner, we’re continuing to make progress on our long-term goals, and we remain on track to meet our financial objectives for the year. This quarter, our results highlight the strength and potential of our networks and television production businesses, which generate the bulk of our revenues and earnings.”

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Shares of Electronic Arts (NASDAQ:EA) popped 1.59 percent this afternoon. The video game company reported net income of $201 million (63 cents per share) for the first quarter, compared to $221 million (66 cents per share) a year earlier. “We have established an unmatched diversity in our business with multiple brands performing across several channels, business models and geographies,” said John Riccitiello, chief executive officer. “This allows us to drive profitable growth in a rapidly transforming marketplace for games.” Take-Two Interactive Software (NASDAQ:TTWO) also gained this morning after reporting their own earnings.

Apple’s (NASDAQ:AAPL) rally has subsided, as shares, initially trading higher early in the day, turned negative. The tech giant will unveil a new product at a major September 12 event, according to a source familiar with the plan. It’s likely the new product will be the iPhone 5, as Apple likes to launch its latest smartphones around fall, allowing them to hit shelves in time for the peak holiday shopping season, but the event could also see the premiere of a widely-rumored iPad Mini.

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