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News Summary: Time Warner 3Q earnings beat Street

THE NUMBERS: Time Warner Inc.'s third-quarter earnings grew 2 percent. Earnings per share of 86 cents beat expectations of 82 cents. But revenue fell 3 percent and was short of expectations.

THE REASONS: Strong performance in its cable television channels offset declines in the Warner Bros. movie business following the final Harry Potter movie last summer.

THE OUTLOOK: Time Warner kept its outlook for the year. It says "Argo" was doing well in theaters this quarter, and it should get a boost from the long-awaited launch of "The Hobbit" movies next month.

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