Use these updates to help direct you

Article Excerpt

TEGNA INC. $10 is still a buy. The company (New York symbol TGNA; Consumer sector; Shares outstanding: 215.8 million; Market cap: $2.2 billion; Dividend yield: 2.7%; Takeover Target Rating: Medium; www.tegna.com) owns 62 TV and four radio stations in 51 markets. It also offers online advertising and marketing services. Two activist investment firms—HG Vora Capital Management and Standard General—have pushed Tegna to explore a sale of the entire company or a merger with a larger media company in order to raise value for investors. The activists control about 14% of the stock. However, Tegna shareholders re-elected all 12 company-nominated directors at the annual meeting in April 2020. Despite that loss, the activists plan to hang onto their shares. Tegna was also rumoured to be a takeover target from other broadcasters and private equity firms. However, the COVID-19 pandemic and lower advertising revenue have hurt the company’s takeover appeal, at least until ad spending picks up ahead of the 2020 U.S. presidential election. CARNIVAL CORP. $12 is a buy,…