Monday April 23

• CA World 2007 to be held in Las Vegas
• L-3 Communications Holdings, Inc. (NYSE: LLL) to report Q1 earnings, conference call at 10 a.m.

Tuesday April 24

• Defense companies Lockheed Martin Corp. (NYSE: LMT) and Northrop Grumman Corp. (NYSE: NOC) to report Q1 earnings.
• Low-cost airline Jetblue Airways Corp. (NASDAQ: JBLU) to report Q1 earnings. Will Jetblue follow Southwest Airlines Co.'s (NYSE: LUV) disappointing report (which caused two analyst downgrades)? Or is the recent increased investment buy George Soros a sign that Jetblue is doing better?
• Alternative Energy Conference, hosted by Friedland Investment Events, to be held in NY.

Wednesday April 25

• The Boeing Co. (NYSE: BA) to report Q1 earnings; conference call at 10:30 a.m. Will Boeing discuss Airbus's decision to halve the price of its A350 planes in order to become more competitive with Boeing's 787 Dreamliner?
• Market darling Apple Inc. (NASDAQ: AAPL) will also report Q2 earnings, conference call at 5 p.m.

Thursday April 26

• XM Satellite Radio Holdings, Inc. (NASDAQ: XMSR) to report Q1 earnings; conference call at 10 a.m. Investors will look for any comments relating to the state of the potential merger with Sirius Satellite Radio Inc. (NASDAQ: SIRI).

Friday April 27

• YRC Worldwide, Inc. (NASDAQ: YRCW) to report Q1 earnings; conference call at 9:30 a.m.

Monday April 16

• Citigroup Inc (NYSE: C) to report Q1 earnings; conference call at 10am.
• PDUFA date for Neurochem Inc's (NASDAQ: NRMX) Eprodisate extended from today to 7/16.

Tuesday April 17

• Senate Commerce, Science and Transportation Committee Hearing on XM Satellite Radio Holdings Inc (NASDAQ: XMSR) / Sirius Satellite Radio Inc (NASDAQ: SIRI); Webcast at 10am.
• J.C. Penney Co Inc (NYSE: JCP) 2-day Analyst Meeting.
• Technology giants International Business Machines Corporation (NYSE: IBM), Intel Corporation (NASDAQ: INTC) and Yahoo Inc (NASDAQ: YHOO) to report after the market close.

Wednesday April 18

• United Technologies Corporation (NYSE: UTX) to report Q1 earnings; conference call at 9:30am.
• Motorola Inc (NYSE: MOT) to report Q1 earnings; conference call at 5pm.

Thursday April 19

• Google Inc (NASDAQ: GOOG) to report Q1 earnings; conference call at 4:30pm.
• Advanced Micro Devices Inc (NYSE: AMD) to report Q1 earnings; conference call at 5:30pm.

Friday April 20

• Caterpillar Inc (NYSE: CAT) to report Q1 earnings; conference call at 9:30am.
• Pfizer Inc (NYSE: PFE) to hold Analyst Meeting.

To read Part 1 of live blog of TWX conference call, see this post.

9:40 am: SUMMARY OF Q&A:

WONG from Bear Stearns on CABLE asks about integrations and roll-out of commercial phones.
ANSWER: LA is complicated and may take a year and a half; think "we'll" lose some in first half 2007 and gain it back in the second half because of line-up changes. Other system measurement in other cities is how this conclusion is drawn. DALLAS is consistent and 2007 is a stabilizing year with a plant upgrade and digitalphone launch (available to 1/4 million now and will be available to 500K in March). CAP-EX is "450 to 550," lower than they originally expected.

MAVEN of Sanford Bernstein: What are you seeing on AOL pageviews without stabilization or growth?
ANS: the reason they think it will grow in 2007 is after a 4-5% decline in Q4 2006; they moved several titles out of the mix and that accounted for part of the drop. The new sign-ups may be accounting for part of the drop; as that continues to move to free they think it will lead to a base of page views increasing. Email is seeing page view growth and this is a precursor to overall increases down the road. The broadband usage is often 50% more views per sub, and they aretrying to switch them. The new search tool is going to increase. ANOTHER QUESTION on the TENURED BASE: it hasn't been fully broken out but they want to discuss in a call-back.

Q: SINGER of COWEN & CO....On publishing are all the personnel changes done and what sort of EBITDA do they see in 3 years.
ANS: They want to see EBITDA Growth in 2007 on all businesses including publishing.
Even Time Magazine they want to see growth in EBITDA in 2 years but they aren't proviong guidance.

Q: JESSICA REIF COHEN of MERRILL LYNCH: ON CABLE GROWTH AND PROGRAMMING COSTS UP? ALSO ON MORE COLOR FOR REVENUE OPPORTUNITIES IN AD AND BUSINESS OFFERINGS?
ANS: the earnings going up in 06 in Turner and HBO but maybe not revenues; the loss of non-Sopranos were lumpy as a result; net margin is steady; CNN saw revenue and earnings up; as well as cartoons. Q4 had some programming one-time costs that were attributed to marketing and were 'lumpy' and impacted from shut down costs at WB and Turner by $114 million, but not indicative of a full-year. The HBO has tough comparables because of Soprano's. ON CABLE: They said it's too early in 2007 to give real guidance right now; but the small-mid business has potential for entire size of residential.

Q: NOTO of GOLDMAN SACHS: How much of margin gap can they bring up for Adelphia users? At AOL is it more leveraged and seeing better CPM's?
ANS: as far as what can happen with costs they cant really forecast exact number even though they have it in plans. To increase the margin gap will come from revenue side, so out of the 10% gap they want to bring up penetration and revenues. Since they are coming out of bankruptcy there is no low hanging fruit is what PARSON's keyed in on. ANOTHER Q: When do they see the triple-bundle help growth? ANS: in second half in LA/DALLAS; 80% of core sub-loss is solely from LA & DALLAS.

JASON of CITIGROUP: There is a controversy on Verizons fiber roll-out and video penetration; do they see the same adoption rate at TWC? ANS: The roll-out is comparable but overbuilders only cover 3% overlap right now and reduces the ability of others to compete. Video from them is not really a difficult challenge. ANOTHER Q: In last MAY Investor Day, do they expect to move to 1 GIG in all markets? That speed is more coincidental and switching will be to more than enough capacity.

LAST Q: CREDIT SUISSE: On AOL about optimism for 2007 online market growth or will it slow? IS there an optimal number of a basing out in paying access subscribers? ANS: Growth in ad revenues industry wide will grow in 2007 like it did this year, but not 20% to 30% for 100 years. They want to grow at or above industry and taking share. ON optimal subscriber numbers, the cost structure is not where it cant make it efficient and economical; but no specific numbers. It wants to go for broadband users down the road and they want to move and offer the broadband to subs because they are the lions share of the future.

CONFERENCE CALL ENDED.

Here is a look ahead to next week's three day trading week:

Monday January 1

• Markets closed for New Year's Day holiday
• PDUFA date for Amylin Pharmaceutical's (NASDAQ: AMLN) Byetta

Tuesday January 2

• Markets closed in observance of President Ford's death

Wednesday January 3

• Earnings conference calls for AngioDynamics (NASDAQ: ANGO), Landec Corporation (NASDAQ: LNDC) and the Topps Company (NASDAQ: TOPP)
• Sales conference call for American Eagle Outfitters (NASDAQ: AEOS)

Thursday January 4

• Earnings conference calls for Arrow International (NASDAQ: ARRO), Monsanto Company (NYSE: MON) and Sonic Corporation (NASDAQ: SONC)
• Sales conference calls for Abercrombie & Fitch (NYSE: ANF), AnnTaylor Stores (NYSE: ANN) and bebe stores (NASDAQ: BEBE)

Friday January 5

• Shareholder meeting for Serono S.A. (NYSE: SRA)

For anyone that is actually watching the markets next week, here is just about everything happening in a very light four-day week sandwiched between two national holidays.

Monday December 25

• Markets are closed for the Christmas holiday

Tuesday December 26

• Healthcare conference calls: Merrill Lynch 10:00am, Bank of America 10:30am, Bear Stearns 11:00am

Wednesday December 27

• Delta and Pine Land Company (NYSE: DLP) will hold an earnings conference call at 10:00am
• Bear Stearns will hold a retailing-broadlines conference call at 10:00am

Thursday December 28

• Learning Tree International Inc (NASDAQ: LTRE) will hold its earnings conference call
• Newpark Resources, Inc (NYSE: NR) will hold its shareholder meeting at 11:00am
• Hurray! Holding Co., Ltd (NASDAQ: HRAY) to hold a firm-sponsored meeting with Think Equities

Friday December 29

• The Mills Corporation (NYSE: MLS) will hold its shareholder meeting at 10:00am

Monday December 18

* Oracle Corp. (NASDAQ:ORCL) to hold 5 p.m. earnings conference call
* BluePhoenix Solutions, Ltd (NASDAQ: BPHX) to hold 10 a.m. conference call on the acquisition of CodeStream Software
* Bank of Japan to hold a 2-Day monetary policy meeting

Tuesday December 19

* Bally Total Fitness Holdings Corp. (NYSE: BFT) to hold 10 a.m. shareholder meeting
* Circuit City Stores, Inc. (NYSE: CC) to hold 11 a.m. earnings conference call
* Input/Output Inc. (NYSE: IO) to hold conference call to review financial outlook for 2007

Wednesday December 20

* The Pepsi Bottling Group (NYSE: PBG) to hold an 8 a.m. 2007 financial guidance conference call
* Biomet (NASDAQ: BMET) to hold 10 a.m. earnings conference call
* Pennsylvania Gaming Control Board to hold meeting at 10 a.m.

Thursday December 21

* Research in Motion Ltd.(NASDAQ: RIMM) to hold 5 p.m. earnings conference call
* Discovery Laboratories (NASDAQ: DSCO) to meet with FDA on way to getting Surfaxin approved

Friday December 22
* PDUFA date for Schering-Plough Corp.'s (NYSE: SGP) Noxafi
* Final Deadline for European Union Jurisdiciton in Ryanair (NASDAQ: RYAAY) Bid for Aer Lingus

Ciena (NASDAQ: CIEN) releases its Q4 results on Thursday morning. The call is important because it appears the company has truly survived the tech-telecom bust, making it one of the few remaining players. Furthermore, the company has been signing some big customers.

Most start-up telecom equipment companies that came to being in the late 1990s do not exist anymore, and legacy companies such as Alcatel-Lucent (NYSE:ALU) and Nortel (NYSE:NT) are in rapid decline.

Ciena, on the other hand, has been signing new customers such as Verizon (NYSE:VZ) and British Telecom (NYSE:BT), a sign that there must be something of value the company is producing.

Pure IP companies such as Level 3 (NASDAQ: LVLT), Time Warner Telecom (NASDAQ: TWTC), Broadwing (NASDAQ: BWNG), and Global Crossing (NASDAQ: GLBC) are improving, and Ciena sells equipment that works well on these newer networks.

Investors have forgotten Ciena because of the serious bruises it took during its stock price decline. However, over the past two years, the company has been getting some big-time customers. Sooner or later Ciena is going to have a big up-tick in revenue which will drive investors back into this stock. Maybe it will be this Thursday.

Monday December 11

• Hartford Financial (NYSE: HIG) to hold a 10am conference call regarding 2007 earnings guidance
• FCC to hold a hearing on Media Ownership at 1pm
• Texas Instruments (NYSE: TXN) to hold Q4 mid-quarter update at 5pm

Tuesday December 12

• Six Flags (NYSE: SIX) to hold mid-quarter update at 8:30am
• Goldman Sachs (NYSE: GS) to hold Q4 earnings conference call at 11am
• General Electric (NYSE: GE) to hold financial update conference call at 3pm

Wednesday December 13

• Dynegy (NYSE: DYN) to hold 2007 earnings and cash flow estimates webcast at 8am
• Pennsylvania Gaming Control Board to hold public hearing at 9am

Thursday December 14

• Bear Stearns (NYSE: BSC) to hold Q4 earnings conference call at 10am
• PDUFA Date for Novartis' (NYSE: NVS) Rasilez

Friday December 15

• PDUFA Date for Oscient Pharmaceuticals' (NASDAQ: OSCI) Factive

Invesors have grown accustomed to thinking of General Electric as a portfolio of companies -- after all, what do light bulbs, consumer loans, power generators, dishwashers and Nanny McPhee have in common? How much "synergy" can there really be between its divisions?

When own a conglomerate, the test of management iss not just what it does to improve its underlying companies, but whether it can buy and sell them at the right time to make extra money for shareholders. But that trading activity isn't valued as highly by investors as growth that comes from actually improving operations.

Thus, one of the hallmarks of CEO Jeff Immelt's tenure at the company is emphasizing more organic growth. That means the underlying companies are now expected to actually improve their businesses -- not just buy additional companies -- to increase sales.

Immelt started off the conference call a week ago crowing about 9% organic growth in sales achieved in the first quarter. That doesn't sound all that high, until you consider that it is more than twice as high as the company's historic rate. It's also darn good when you take into account that the company had $37.8 billion in revenues last quarter.