Liberty Global (LBTYK) reported a slightly weaker than expected quarter, much as we expected. Admittedly, with rebased revenue growth of 4% and operating cash flow growth of 2%, the results were a bit less than our low expectations. But we always have thought that after a rough 12 months, 2Q16 would mark the low point […]
Disney (DIS) reported slightly better than expected result for its 3Q16 driven by theme parks and the film studio. There were slight shortfalls vs consensus expectations at media networks and consumer products although there was no further deterioration in affiliate fee trends and subscriber losses at ESPN. It has been the worries about ESPN that […]
It was a quiet quarter at Liberty Media (LMCK) and Liberty Sirius (LSXMK) after the companies were spun off as tracking stocks from Liberty Media’s corporate holding company earlier this year. The good news is that the major assets held by each company performed well in the quarter. In addition, transactions completed on smaller assets […]
There are no changes to the signals from Northlake’s Market Cap and Style models for August. The Market Cap model continues to recommend mid cap and the Style model remains on a neutral reading between growth and value. With no changes to this month’s signals, clients following the models will continue to own the S&P […]
CBS reported better than expected results for 2Q16, beating consensus estimates on both revenue and EPS. The upside came from the sales of owned content, especially the Star Trek to Netflix. Advertising growth at the CBS TV Network grew 2%, slightly below expectations for 3% growth. Wall Street is focusing on the advertising shortfall and […]
Google (GOOG/GOOGL) reported better than expected 2Q16 results. Revenues grew 2% on a currency neutral basis, the best in four years, and several hundred basis points ahead of Wall Street expectations. EPS also surprised to the upside at $8.42 against expectations for $8.09 as tighter cost controls continue to be evident since the arrival of […]
Facebook (FB) reported another strong quarter with EPS reaching 97 cents against estimates of 81 cents. Revenue surprised to the upside by over $400mm, driving operating leverage as margins expanded by more almost 500 basis points. User metrics were a little better than expected with daily and monthly active users still growing. Given that 1.7 […]
It seems like everywhere you turn there is talk about cord cutting and cable losing subscribers. Well, guess what? For now at least, the narrative is false, especially at Comcast. Comcast lost just 4,000 video subs in the seasonally weak second quarter against expectations for a loss of 31,000. This was the best second quarter […]
Apple (AAPL) reported mostly inline results for its 3Q16 report. Slight upside existed across most key financial and unit volume metrics. Guidance for the current quarter ending 9/30/16 was similar. Given recent sentiment surrounding AAPL, this was good enough to allow the shares to rebound in their initial response to the report, up 7-8%. AAPL […]
Northlake is taking partial profits in Activision Blizzard (ATVI) after the shares have doubled since the initial purchase in November 2014. The outstanding performance of ATVI against minimal change in the broader market led to position sizes up to 2X what Northlake usually targets. Northlake still likes ATVI and sees upside to the upper $40s […]
