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Today we are going to start something new. The Correct Call will start to post a list of stocks that we believe are possible short-term or day trade ideas. We will highlight stocks that have bullish technical crossovers and bearish technical crossunders. Beyond just the technical analysis, we will also apply our fundamental analysis to narrow the list down to meet our stringent longer-term buy/sell criteria. That way, if a stock moves in your favor, you can feel more confident in letting your winners run. As always with all short term trades, we suggest stops to limit loses and to protect p

As we learned from CBS yesterday, local TV is getting hammered by the ad slowdown. More evidence: Hearst-Argyle TV (HTV), one of the largest independent owners of network-affiliated stations, missed Q2 estimates for revenue and EPS. Total revenue for the quarter was down 5.6% to $182 million compared to $149 million on year ago. EPS came in at 15 cents a share. Analysts had been looking for $190 million revenue and 20 cents, but only three analysts bothered to do a forecast for the company.

The problem: Hearst-Argyle is near 100% dependent on local US ad revenue, the hardest-hit sector in TV

Hearst-Argyle Television (HTV) named Roger Keating SVP of digital media, replacing Terry Mackin, who left the company earlier this year to run TV stations for Univision. Keating will be responsible for developing digital businesses for Hearst's chain of 26 network-affliliated stations, including broadband, mobile and new digital multicast channels. Hearst is also a partner in NBC WeatherPlus, a partnership between the network and its local affiliates.

Keating had been head of Time Warner Cable's LA division, responsible for integrating Time Warner and acquired cable systems from Adelphia Com

Rare good news for local broadcast TV: Sens. Barack Obama and John McCain, the Democratic and Republican party apparatus, and independent groups are expected to spend $800 million on TV advertising before November, smashing a previous record of $500 million in 2004, according to TNS's Campaign Media Analysis Group, via Reuters.

Big stations in battleground states like Pennsylvania and Ohio were already expected to reap significant dollars during the campaign, but with Obama opting out of the public campaign-finance system and promising to challenge McCain in rock-solid Republican states, the

By Mike Caggeso
Associate Editor

The dormant, yet important, proposed $5 billion merger of Sirius Satellite Radio Inc. (SIRI) and XM Satellite Radio Holdings Inc. (XMSR) cleared a major hurdle, as Federal Communication Commission Chairman Kevin Martin backed the merger - with stipulations.

Concessions Martin recommended include: the stations turn over 24 channels to noncommercial and minority programming as well as a three-year freeze on prices and packages. Both satellite stations have already accepted Martin’s conditions.

“As I’ve indicated before, this is an unusual situation,” Marti