ENTERTAINMENT

Wall Street Watching Time Warner: The investment community has adopted a wait-and-see stance toward Time Warner Inc., which announced Wednesday that it is “considering alternative structures” for its controversial rights offering to raise up to $3.5 billion in capital. In the first day of trading after the announcement, Time Warner stock closed at $93.625, up 75 cents a share, in moderate trading. Wall Street analysts believe that the company, responding to Securities and Exchange Commission criticism, will abandon the offering’s variable-price structure. But they also believe that the offering will be completed.