More Earnings --- Bounce TV Gets 1st Deal --- FCC @ House Subcte.

• Analyze This: Not all IPOs jump up; Boingo sold 5.77M shares @ $13.50 and trading knocked it down almost a buck and a half. --- Citadel’s Vijay Jayant calls Cablevision’s 1Q11 “mixed” with video losses of 8K more than expected but HSD “beat.”  Jayant keeps an ‘add’ rating (target $40) writing, “CVC trades at a premium to peers due to its unmatched properties, superior execution, financial acumen, and public-shareholder focus. “  Meanwhile, Bernstein Research’s Craig Moffett rates it ‘marketperform’ writing, “... unlike a year ago, Cablevision isn't cheap anymore, with the stock trading slightly above our target price.  That makes it hard for us to commit either way.  For now, we're neutral.”  Of note, though, was the sharp drop in capital spending. --- CenturyLink 1Q11 added 52K HSD and reduced access lines losses by 15.2% y/y.  With the addition of Qwest, the company expects pro forma eps of $2.25-$2.65 for 2011. --- DIRECTV 1Q11 “beat across the board” according to Jayant as he keeps an ‘add’ (target $51) ... 184K net adds but with a SAC of $814 for the 1.052M gross adds.  Moffett notes, “DirecTV is one of the most recognized brand names in America.  On Wall Street, however, it is DirecTV's Latin American asset that is increasingly seen as the crown jewel.  First quarter results at DirecTV were strong in the U.S. But they were (once again) exceptional in Latin America.  Revenue growth of 12.6% (consolidated) easily bested consensus expectations of 11.0%.”  Collins Stewart’s Tom Eagan (‘buy’ - target $59) calls it just “overall impressive.” --- Citadel’s Shing Yin writes that Frontier 1Q11 showed progress on merger integration; ‘neutral’ with a target of $8. --- Jayant likes Liberty Global results with a target of $50 and an ‘add’ rating. --- Yin’s take on Clearwire is an ‘edge positive’ (target $8) based on solid wholesale performance.  BTIG’s Walter Piecyk (click here; registration required)  notes “All the Clearwire Q1 operating metrics that interest investors today are likely to have little relevance three months from now.  The most important take-aways from the Q1 report was the better than expected operating losses, the validation of the wholesale ARPU and the company’s view that it not only has access to the debt markets but that its balance sheet can withstand $2.0 billion of additional unsecured financing. However, Clearwire remains a tale of two companies."  (Sprint, of course.) --- As MySpace troubles nearly wiped out other gains, News Corp says a sale is “on course.”  Eagan has a ‘buy’ rating (target $18) and noted that broadcast TV was +23% y/y while cable nets were +13%.  News Corp also says it will begin posting all political donations on it web site each year. --- Cequel (Suddenlink) 1Q11 results showed an 8.2% y/y revenue gain to $446.2M as bundled customers represented 60% of total customer relationships. 

• Rules & Regs: FCC’s Genachowski and McDowell testified before the House Subcte. on Intellectual Property, Competition and the Internet today with the former saying, among other defenses of the FCC’s rules, “When I arrived at the FCC, the agency had – on a bipartisan basis – adopted measures to ensure Internet freedom and openness, and enforced those measures.  But unfortunately, the ad hoc process by which the prior FCC sought to protect Internet openness generated uncertainty among Internet stakeholders.”  The latter said, “In a nutshell, however, I dissented from last December’s order because: Nothing is broken in the broadband Internet access market that needs fixing; Congress never gave the FCC the legal authority to act as it did; the order is likely to cause more harm than good; and Sufficient antitrust and consumer protection laws exist to prevent and cure any of the contemplated harms outlined in the order.”

• Tech: Cisco says it will streamline into 5 growth markets (routing, switching, services, data center technology and video conferencing) and 3 regional markets (Americas, Europe and Middle East/Asia) by July 31st.

• Sports: On an NFL hopeful note, NFL Net named Mike Mayock and Brad Nessler as its new announcing team for Thursday Night Football.

• Folks: 30-year vet Judy McGrath is leaving MTV Networks ... since no one can really replace her, all the units that reported to her will now report to CEO Philippe Dauman ... who was effusive in his praise.  No comments from Sumner Redstone, though.

• Online: Rumors have Google and FaceBook both courting Skype ... once part of e-Bay.

• OTA: Bounce TV signed with Raycom for 26 markets.

• More News in The Morning BRIDGE ... early tomorrow morning in your in-box.•