The call turned it aroundStock was down on the release and turned around once the call started. I think this is what caused the pop:
1) Strategy will be to aggressively delever instead of acquire more. Since they have a lot of debt, the market didn't want to see more added. Also, now the market doesn't need to worry about more dilution. Huge positive. First chew and digest what you bit off.
2) US media deal. By following the Sky model in the US, they should see success. It depends on the terms they get in the deal they cut of course, but the pie is big enough for all to share. This brings back excitement in the US business back from the dead.
What I didn't like was the hit they took in Russia. Rafi was so nonchalant about Russia before, how they have Plan A, B, C, D to deal with it, but it looks like those plans failed.
Good new about Brazil. Nice to see the market becoming legal there. Margin will decline due to more taxes, but the pie will expand.