Apple reported strong 4Q20 earnings with headline numbers for revenue and EPS ahead of Wall Street estimates. The stock responded by trading down -6%, however, due to the composition of revenue and a refusal to provide detailed top line guidance for the December quarter. Revenue was up 1% vs a year ago and about 2% […]
Alphabet returned to nearly pre-pandemic growth in 3Q20 led by Cloud and YouTube. Advertising revenues grew 15% adjusted for foreign currency, just below the high-teens level of late 2019. Revenues, margins, and operating profits all surprised materially to the upside, with the overall results relative to consensus estimates the biggest positive surprise in many years. […]
Comcast remains a tale of three cities: cable, NBC Universal (NBCU), and Sky. Fortunately for investors, the dominant business – cable – is a clear COVID winner with attractive secular prospects. On the other hand, NBCU and Sky are COVID losers facing secular challenges. Results in 3Q20 were very strong in cable led by broadband. […]
IBM reported 3Q20 earnings last week that were largely in line with expectations and consistent with trends over the past few quarters. The report came on the heels of a major announcement from the company that it will be spinning a big piece of its slow-growing business to increase concertation on its cloud and artificial […]
The October model update results in moving to neutral on the growth vs value theme in the Style model. As a result, we have completed the sale of one half of client positions in the Russell 1000 Growth (IWF) and reinvested the proceeds into the Russell 1000 Value (IWD). We are sticking with the S&P […]
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