Comcast (CMCSA) reported another steady growth quarter with revenues up 9%, operating cash flow up 8%, EPS up 10%, and free cash flow up 64%. Despite emerging completion form internet delivered skinny bundles such as DirecTV Now and Sling, the core cable business remains healthy. During the fourth quarter, cable revenues rose 7% led by […]
Facebook (FB) reported another strong set of earnings, again beating the high bar set by Wall Street estimates. Revenues grew 51% ahead of expectations in the high 40% range. Mobile ad growth continues to lead the way, up 61%, and now accounting for 84% of total revenue. Profitability also exceeded expectations with GAAP margins of […]
Apple reported a good holiday quarter relative to muted expectations. The company got back on a growth track, albeit modest, after three straight quarters of declining revenue and iPhone shipments. With revenues up 3%, EPS up 2%, and iPhone shipments up 5%, Apple is no longer the growth stock we once knew. But it does […]
Alphabet (GOOGL) reported good fourth quarter and full year results to close out 2016. GOOGL beat sales estimates, but missed EPS targets due to a one-time equipment write-off and a higher than expected tax rate. The core Search business continued to perform well, with paid clicks growing 36% year-over-year compared to estimates of 27% growth. […]
In Northlake’s yearend letter, we stated “Admittedly, we have been too patient with ClubCorp. However, with oil prices rebounding and golf rounds played rising for the first time in several years, we feel if the stock is going to work it should do so as we approach the 2017 golf season.” Lo and behold, it […]
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 […]
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 […]
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