Disney (DIS) reported FY2016 results with sales and earnings modestly below expectations. While the results were slightly underwhelming, investors were more focused on the outlook for 2017 and beyond. Although DIS faces difficult comparisons next year, due largely to year ago strength in Frozen consumer products and Star Wars: Episode VII box office receipts, we […]
Liberty Media and Liberty Sirius reported earnings and held their annual analyst meetings last week. We attended the analyst meeting, one of our favorite events of the year given Liberty’s broad reach into the world of media and communications that is a focus of our investment strategy, The big news at Liberty Media has been […]
As we hoped, Liberty Global (LBTYK) reported a modest improvement in its revenue and EBITDA growth rates for 3Q16. Revenue adjusted for foreign exchange, merger activity, and other one-time items grew 2% and EBITDA gained 3%. EBITDA excluding the Netherlands (soon to be part of a joint venture) grew a more impressive 5%. A variety […]
Activision Blizzard (ATVI) reported good quarterly results that beat investor expectations, while raising guidance for the fourth quarter. The stock reacted with a mild selloff, as the increased fourth quarter guidance did not quite meet Street expectations. Aside from the slightly conservative fourth quarter guidance, ATVI appears to be on track to benefit from several […]
MGM Resorts (MGM) reported its best quarter in a strong run of growth for the company and upside surprises to Wall Street estimates. When Northlake bought MGM for clients earlier this year, our investment thesis was based on strong management, unappreciated strength in Las Vegas, upside at soon to open regional gaming properties in the […]
CBS reported another solid quarter, supporting our view that it is among the best positioned traditional media companies in a challenging landscape as viewers use different devices to watch TV and new entrants like Netflix offer alternative viewing options. With the exception of Time Warner, which is being bought by AT&T, CBS has been the […]
Facebook reported another strong quarter with revenue growing 56% and operating income up 73%. Both figures exceed Wall Street estimates despite high expectations. As it has consistently since going public, management provided cautious commentary on revenue and operating expense growth looking ahead. Comments about revenue growth slowing next year and “aggressive investment” were almost verbatim […]
Northlake’s Style model moved back to a neutral reading between growth and value for November. As is often the case when a trend change may be under way, the model signals can be volatile from month to month. In this case, after a long stretch favoring growth stretching back most of the past several years, […]
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