Has Time Warner climbed out of its funk?

Time Warner Inc. (TWX), the world's largest media conglomerate, has good news and bad news for investors. The good news is that it expects to meet its 2009 earnings targets. The bad news is that the results of the New York-based company were still lackluster.

Net income at the parent company of Warner Bros. film studios and CNN fell 34 percent to $519 million, or 43 cents a share, compared with $792 million, or 47 cents, a year ago. Revenue plunged 9 percent to $6.8 billion. On an adjusted basis, earnings topped the 45-cent average estimate of analysts polled by Thomson Reuters. Shares of Time Warner, which have climbed more than 24 percent over the past three months, have not begun trading yet in pre-market action.