Liberty Global (LBTYK) reported slightly disappointing 1Q16 earnings. However, the 2016 was maintained and the long-term story is intact. Management made a strong case that any shortfalls were not unexpected based on internal budgeting and investors and analysts seemed to buy it as the shares finished positive after starting lower in response to the headlines. […]
Liberty Media reported results following its split into three tracking stocks. Northlake sold the shares that track ownership of the Atlanta Braves, the team’s new stadium, and the real estate development adjacent to the stadium. We continue to hold shares in Liberty Sirius (LSXMA/LSXMK) and Liberty Media (LMCA/LMCK). We read nothing in the quarterly reports […]
Activision Blizzard (ATVI) bounced back from a disappointing end to 2015 with a strong beat on sales and earnings in the first quarter of 2016. ATVI also increased guidance for 2016. Based on the first quarter and management commentary on the conference call, we believe analyst estimates could be revised higher throughout the year as […]
Comcast (CMCSA) reported another good quarter, seemingly a habit for the company. Against a lot of noise and negative headline regarding cord cutting, cord shaving, anti-cable regulation, and technological change, the company continues to execute superbly. The latest quarterly results were issued almost simultaneously with the acquisition of DreamWorks Animation (DWA). CMCSA paid a steep […]
Apple (AAPL) reported a disappointing quarter and issued guidance for the June quarter that was below expectations. Missing the quarter on revenue and EPS is highly unusual for Apple. There have been times in the past where guidance was considered disappointing but missing against consensus expectations on revenue and EPS is unusual. Shipments of iPhones […]
In our initial blog post on Facebook (FB), we noted that the shares could reach $140 based on $4.00 in EPS power in 2017. After another blowout quarter in 1Q16, 2017 estimates now average over $4.50. Our confidence in the $140 price target has risen and that level may prove conservative. FB reported revenue growth […]
ClubCorp (MYCC) reported another solid quarter further putting to bed the bear case that has led the stock to decline by more than 30% in 2016. The concerns have revolved around the Texas economy, membership trends, lack of margin expansion and return on recent acquisitions, high debt levels, and declining participation in golf. Each of […]
Google (GOOG/GOOGL) reported slightly disappointing revenue and lower than expected EPS against elevated street expectations for 1Q16. The shares are trading down by -5-6% this morning. The decline in the stock is understandable but Northlake does not feel there is much to worry about in terms of the key trends that drive Google’s business. We […]
Effective this past Monday, Liberty Media completed its restructuring into three tracking stocks. For each share of Liberty Media (LMCA/LMCK), you received one share of Liberty Sirius (LSXMA/LSXMK), 0.10 shares of Liberty Braves (BATRA/BATRK), and 0.25 shares of new Liberty Media (LMCA/LMCK). Liberty Media is a collection of media and entertainment assets managed by John […]
ClubCorp (MYCC) shares were cut in half in the first 8 weeks of 2016 as investors grew concerned about the company’s exposure to Texas. Approximately 30% of MYCC’s country clubs are in Texas with 8% in Houston. A second part of the problem was an extremely negative research report issued by a broker that emphasized […]
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