Steve Birenberg submits:

Discovery Communications (DISCA) reported its third consecutive positive earnings surprise. The shares are responding, up 8% in early trading on Monday. DISCA shares are now at their highest price since early September 2008 and up 21% since the day before the market crash began.

In 1Q09, DISCA produced an across the board positive surprise with revenues, adjusted EBITDA, and EPS all coming in ahead of analyst expectations. Revenue growth was 2% despite severe currency headwinds and the sharp global downturn in advertising. Adjusted EBITDA grew 9% as cost controls were once again superb, especially in international operations.

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