Is Time Warner a Buy?

Time Warner (TWX) had a nice weekend. According to Box Office Mojo, the studio's Clash of the Titans spectacle retained its number-one position, bringing in $26.6 million at domestic theaters. At first, it seemed as if News Corp.'s (NWS) Date Night was going to be the top picture, but it ended up settling for second place after the final numbers came in (it was eventually credited with $25.2 million).

Besides that, the other news story this week is the apparent deal between Time Warner's TBS and Conan O'Brien; he'll create a new talk show for that network to debut sometime this November. This got me thinking about Time Warner and its stock: is it a buy right now?

The shares finished on Monday close to the 52-week high of $32.93. The one-year chart, which you can check out at this link (you'll have to set it for the proposed time frame once you get there), shows an equity that ran into a little trouble several months ago; still, it could be poised at this point to break through the $33 level.

Many media stocks are doing well. CBS (CBS), Disney (DIS), Viacom (VIA) -- they're all looking interesting from a technical perspective. Investors are excited about content, especially in relation to movies and the platform of 3-D exhibition.

Time Warner, however, is not my favorite stock in the group. I don't think it's necessarily a bad choice, keep in mind, I'm just currently more bullish on other ideas; I'm particularly attracted to Disney's short-term prospects.

Here's what I'll say about Time Warner: keep it on a watch list, and if it can rise above $33 and stay there, then you may want to consider a trade.

Disclosure: I own Disney; positions can change without notice.

Tags: box office, CBS, clash of the titans, date night, DIS, Disney, featured, inthenews, news corp., NewsCorp., NWS, time warner, TimeWarner, TWX, VIA, Viacom