260 Pages

TMT summary recommendations............................................................................................................................................................4

Telecom Sector

Telecom relative value...............................................................................................................................................................................6

Telecom technicals ....................................................................................................................................................................................7

Telecom ratings .........................................................................................................................................................................................8

Telecom equity performance ..................................................................................................................................................................10

Companies

AT&T Inc. ................................................................................................................................................................................................12

CenturyTel ..............................................................................................................................................................................................18

Citizens Communications ......................................................................................................................................................................24

Cricket Communications........................................................................................................................................................................30

Embarq ...................................................................................................................................................................................................36

Qwest Communications International ..................................................................................................................................................42

Rogers Communications .......................................................................................................................................................................48

Sprint Nextel Corporation......................................................................................................................................................................54

TELUS Corporation................................................................................................................................................................................60

Verizon Communications ......................................................................................................................................................................66

Windstream Corp. ..................................................................................................................................................................................72

Media Sector

Media relative value.................................................................................................................................................................................80

Media technicals ......................................................................................................................................................................................81

Media ratings ...........................................................................................................................................................................................82

Media equity performance ......................................................................................................................................................................83

Companies

Belo Corp. ...............................................................................................................................................................................................84

CBS Corporation ...................................................................................................................................................................................90

Comcast Corporation.............................................................................................................................................................................96

Gannett Company, Inc. ........................................................................................................................................................................102

Interactive Corp....................................................................................................................................................................................108

McClatchy Co. ......................................................................................................................................................................................114

The McGraw-Hill Companies, Inc........................................................................................................................................................120

News Corporation................................................................................................................................................................................126

New York Times...................................................................................................................................................................................132

Time Warner Cable ..............................................................................................................................................................................138

Time Warner Inc...................................................................................................................................................................................144

Viacom Inc. ...........................................................................................................................................................................................150

The Walt Disney Company ..................................................................................................................................................................156