Disney (DIS) reported a rare miss on sales and earnings in the fiscal second quarter of 2016. The disappointing results were driven by weakness in the consumer products and media networks segments. The studio segment continued to produce excellent results, driven by Zootopia in the quarter. Parks and resorts also performed well in the quarter, […]
We recently sold La Quinta Holdings (LQ) in all taxable accounts and reinvested the proceeds in Hilton (HLT). This swap was done to capture the loss in LQ to reduce the amount of realized gains for Northlake’s taxable investors without giving up any upside. We see equal potential in LQ and HLT, and we believe […]
ClubCorp (MYCC) reported second quarter results that show our investment thesis is on track. MYCC reaffirmed their full year guidance. Same store sales and EBITDA continue to grow steadily as MYCC invests in club reinventions. Recent acquisitions are driving more dramatic growth on the top and bottom line, and cost synergies have met expectations. MYCC […]
For the second straight quarter, ATVI beat street expectations on the top and bottom line and raised full year guidance for both. The strong results were driven by a continuing shift to higher margin digital revenues and ATVI’s increasingly diversified franchise portfolio. The market responded by sending ATVI’s shares up over 10%. Our investment thesis […]
La Quinta Holdings Inc. (LQ) is a new buy for Northlake clients. The company owns, operates, and franchises midscale and upper-midscale select-service hotels located in the U.S., Canada, and Mexico. LQ currently trades at an attractive valuation in comparison to its peers, and has several potential catalysts that should help drive the stock to a […]
There are no changes to the recommendations from Northlake’s Market Cap and Style models for March. Mid Cap and Large Cap Growth remain the favored themes. As a result, client positions held in the S&P 400 Mid Cap (MDY) and the Russell 1000 Growth (IWD) will be held at least another month. There was a […]
Liberty Media (LMCA/LMCK) reported an uneventful quarter. Not much of a surprise given all the restructuring activity in the past six months as the company split into two, separating its 28% stake in Charter Communications into newly formed Liberty Broadband (LBRDA/LBRDK). Northlake clients now own stock in both classes of stock at both companies. LMCA/LMCK […]
Comcast (CMCSK) reported another good quarter with mid single digit growth in revenue and operating cash flow and double digit gains in free cash flow. Leaving aside all the noise around net neutrality regulation and the regulatory review of the Comcast-Time Warner Cable merger, CMCSK is executing very well on a consistent basis. Investors have […]
Liberty Global (LBTYK) faced a lot of headwinds in 2014 including slower than expected benefits of the acquisition of Virgin Media in the UK, a lengthy period with no buybacks awaiting the acquisition of Ziggo in the Netherlands, foreign currency weakness (100% of operations are in Europe, Chile, and Puerto Rico), and tough competitive conditions […]
CBS reported fourth quarter results largely in line with analyst estimates. After a tough year in 2014 when operating income fell and estimates declined steadily, reporting results merely as expected provided a sense of relief. Furthermore, management commentary on 2015 trends was confident and a little more positive than investors were anticipating. All of this […]
