Virgin Media reported its best quarter in several years. Mid to upper single digit revenue and EBITDA growth comfortably exceeded estimates and translated to a big beat in free cash flow. Subscriber additions were also good across the board with positive surprises for high speed internet and wireless and wireline telephone. TV subscribers were in […]
CBS reported solid results with EPS, revenue, and EBITDA closely matching street estimates. The report did not provide the big positive surprise seen by News Corporation, with which it has a lot of overlap. This fact, plus some variances to estimates at the segment level, left investors wanting more. There was also some concern that […]
DirecTV (DTV) reported solid 4Q09 financial results and mixed subscriber metrics. The company also announced a $3.5 billion share repurchases which exceeded the high end of estimates calling for $2-3 billion. Ahead of the conference call, on which, the company should provide some 2010 guidance commentary, the news is on balance positive and justifies the […]
The following commentary summarizes recent media company earnings reports including Discovery Communications (DISCA), which remains widely held by Northlake clients. Since I wrote these comments, it was announced that DISCA will be added to the S&P 500. This provided about a 10% pop in the stock price. The past several weeks have witnessed a series […]
Northlake’s Market Cap model continues to show unusual volatility, reflecting the volatile economic and financial market environment. For February the model is sending a small cap signal. As a result, all Northlake model-driven, client positions in mid cap (MDY) have been sold and the proceeds have been reinvested in small cap (IWM). The Style model […]
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