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News Corp.'s stock rallies toward a record after earnings report

Shares of News Corp. (NWSA) shot up in 8.6% toward a record high in morning trading Friday, enough to make them the second-biggest gainer among S&P 500 components, in the wake of the media company's fiscal second-quarter results (link). The company reported late Thursday its most profitable quarter since its reorganization more than seven years ago, boosted by strength in its Dow Jones unit. Dow Jones is the publisher of MarketWatch, Barron's and The Wall Street Journal. News Corp.'s report follows better-than-expected results (link) from fellow media company New York Times Co (link). (NYT) on Thursday. News Corp.'s stock, which has run up 13.4% amid a four-day win streak, had closed at a record $19.62 on Thursday. It has now rallied 53.3% over the past three months, while New York Times shares have have climbed 30.0% and the S&P 500 has gained 10.6% over the same time. New York Times' stock had reached a record close on Jan. 26.

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(END) Dow Jones Newswires

02-05-21 1007ET

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