Time Warner beats expectations, raises outlook

Time Warner Inc, which has agreed to be acquired by telecom company AT&T Inc, on Wednesday raised its full-year outlook and reported quarterly profit topping Wall Street expectations, powered by higher box office and cable network revenues. Despite the strong results, shares of Time Warner, which owns HBO, CNN, Cartoon Network and the Warner Bros film studio, slipped 0.8 percent to $87.54 in New York Stock exchange trading. "The fundamentals are great, but right now the underlying value driv