"The Leno model is honestly a dead end, " says Douglas Creutz, an analyst at Cowen and Co.

FORBES: Media

Cowen analyst Doug Creutz raised that possibility in a research note this morning.

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And Creutz adds that recent launches so far are not obvious hits.

FORBES: Zynga: Cowen Says Street Growth Views May Be Too High

That difference, 12 days this year versus 19 days last year, was commented upon by Doug Creutz of Cowen and Company in a note earlier this week.

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Creutz thinks CBS is at least trying to figure out how to make money online, though over the long term he predicts the company will continue to shrink.

FORBES: On The Cover/Top Stories

Shares of video game publisher THQ are trading lower Tuesday morning after Cowen analyst Doug Creutz cut his rating on the stock to Neutral from Outperform, asserting that the company appears likely to miss its December quarter financial guidance.

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"The venture with EA appears to give Wright a much more significant economic stake in his future game designs, as as well as more creative control, " Cowen and Company analysts Doug Creutz and Adam Nolly wrote in a note to investors on Wednesday.

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Also pulling down the cumulative total was the female-skewing, ratings-light CW, which failed to gain traction with newcomers Melrose Place and the season's first casualty, The Beautiful Life (TBL barely broke the 1 million mark with its second and final episode.) "The prognosis for that network's survival at this point is probably doubtful, " opines Creutz.

FORBES: Television