Sears Holdings (SHLD) 2Q06 earnings for the quarter ending July 30, 2005 disappointed investors leading to a decline of 5.2% in the shares on Thursday. To get a sense of what the Street was expecting please take a look at my preview note posted yesterday. The main disappointment in the quarter was on the top […]
I received the circular on the buyout of SBS Broadcasting (SBTV) earlier this week and based on my reading I am continuing to hold the shares owned by clients hoping for another bidder to emerge. As a reminder, SBTV has agreed to a buyout offer from private equity investors led by European group Permira and […]
Northlake clients remain long Sears Holding (SHLD) ahead of second quarter earnings due to be reported before the open tomorrow. The company is not expected to host a conference call but will release a 10Q and probably a note from Eddie Lampert along with the earnings. Current client positions in SHLD are on the small […]
There is a lot of anticipation and excitement surrounding this week’s official announcement of the iTunes phone combining the efforts of two companies owned by Northlake clients, Apple Computer (AAPL) and Motorola (MOT). I think the iTunes phone launch is a positive for both companies and might be significant for the mobile phone industry as […]
Yesterday’s SBS Broadcasting buyout deal at 15 times 2005 management guidance for EBITDA has ramifications for valuation on Central European Media Enterprises (CETV). CETV is a faster growing company than SBTV because it is fully dedicated to higher growth emerging ad markets in Central and Eastern Europe. Consequently, I would argue that CETV would sell […]
SBS Broadcasting confirmed recent market rumors and announced this morning that it was accepting an unsolicited 46 Euro ($56) buyout offer from a European private equity firm. Below please find my comments as I was conducting my analysis beginning with my thoughts prior to the open of trading and finishing up with my conclusions after […]
SBS Broadcasting (SBTV) shares jumped about 8% on Monday after a website reported that the company had held “informal discussions” with an unnamed suitor. The story said that a spokesman for SBS had no comment on rumors or speculation. I think a takeover of SBTV is plausible and while the primary reason behind my bullish […]
Disney (DIS) shares fell 3% on Wednesday in reaction to the company’s 3Q05 earnings report. The quarter was decent but I found the 3Q results disappointing as I was expecting an unequivocally strong report to act as a catalyst for the shares. However, I did not find the results to a major miss and was […]
Lions Gate Entertainment (LGF) shares traded down about 7% on heavy volume after the company reported 1Q06 earnings last Wednesday. EPS and EBITDA (operating cash flow) missed estimates by a wide margin but revenues were in line and free cash flow was better than expected. On the conference call, management reaffirmed guidance for FY06 assuming […]
Central European Media Enterprises (CETV) shares responded positively to its earnings announcement last Thursday as the company reported a solid quarter and maintained a confident and bullish stance on its conference call. As is often the case with CETV’s quarters, there was some variance on a country by country basis, but the overall thesis is […]
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