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 […]
Facebook reported another strong quarter with revenue growing 56% and operating income up 73%. Both figures exceed Wall Street estimates despite high expectations. As it has consistently since going public, management provided cautious commentary on revenue and operating expense growth looking ahead. Comments about revenue growth slowing next year and “aggressive investment” were almost verbatim […]
Google reported another good quarter. FX-neutral revenue grew 24%, better than expectations of 20%. Given the concern that Google was lapping a tough comparison to last year when the company first added another ad to searches, the sustained growth rate is the biggest takeaway from the quarter. Growth was driven by 33% growth in paid […]
Apple reported largely inline results for its 4Q16 ending September 30. Guidance for 1Q16, encompassing the very large holiday quarter, also was close to Wall Street expectations. The shares are trading off several percent this morning following last night’s report and conference call. We see this mostly as a result of the 25% move higher […]
Despite the almost daily articles about cord cutting and cord shaving and OTT services and the end of cable TV as we have known it, Comcast continues to grow at a steady rate. In 3Q16, cable revenue grew 7% and cable operating cash flow grew 6%. Comcast added over 200,000 new subscribers and good old […]
ClubCorp (MYCC) reported 3Q16 results and 4Q16 guidance largely in line with expectations, with a slight miss on sales and a slight beat on earnings. The solid results reflect a resilient subscription business model despite continuous headwinds from unfavorable weather and some weakness in oil-dependent markets. Importantly, MYCC outlined their goal to reduce debt partly […]
MGM Resorts (MGM) reported a solid quarter with sales coming in slightly below consensus estimates and earnings that beat expectations due to progress on streamlining the business. The company received a meaningful one-time benefit from the sale of The Shops at Crystals, which it owned 50% of through a joint venture in CityCenter. We believe […]
Activision Blizzard (ATVI) reported a second straight quarter of sales, earnings, and forward guidance above consensus estimates. Strength in the quarter was largely attributed to the successful launch of Blizzard’s newest game, Overwatch, which already has over 15 million players globally. Continuing momentum across key franchises, signaled by strong pre-orders for the next expansions of […]
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 […]
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