Comcast reported mostly in line results for its 2Q15. Nothing changes in the long-term story, which we continue to like very much. Comcast offers steady and predictable, if modest growth, a great balance sheet, double digit growth in free cash flow, and shareholder friendly management that acts with an element caution. Comcast is composed of […]
Apple (AAPL) reported slightly disappointing earnings relative to very high expectations. iPhone shipments of 47.5 million fell a little short of 50 million plus expectations and while the company did not breakout Watch sales, it is easy to infer a range of 2-3 million, short of the 3-4 million consensus. Guidance for the September quarter […]
Google (GOOG/GOOGL) reported slightly better than expected 2Q15 earnings. Revenue growth picked up slightly after a long string of decelerating growth quarters. This proved reassuring to investors concerned about Google’s long-term growth rate amid a shift to mobile where app usage theoretically hurts traditional search which Google dominates. Equally important for the stock, expense growth […]
ATVI announced results that came in above street expectations on the top and bottom line, and raised full year guidance for both as well. The stock reacted positively and broke out of its recent trading range to the upside. ATVI continues to make progress transitioning their business model to focus on high-margin digital sales driving […]
It was quarter at Liberty Media (LMCA/LMCK) and Liberty Broadband (LBRDA/LBRDK). This was no surprise at Media as the slimmed down company is mostly now just a holding company for its 58% stake in Sirius XM Satellite Radio (SIRI). SIRI had already reported a strong first quarter, including raising full year guidance on a number […]
La Quinta Holdings (LQ) reported strong results for 1Q15, beating street expectations on revenue and adjusted EBITDA. LQ raised the low end of their adjusted EBITDA guidance, reflecting management’s confidence that results for the rest of the year will continue to be strong. Shares of LQ responded positively and reached a new 52-week high the […]
It is back to business as usual at Comcast (CMCSK) and investors have no reason to not like that. The now scuttled acquisition of Time Warner Cable is definitely a lost opportunity but Comcast retains many strengths. We always viewed the acquisition as a “nice to have” as opposed to a “need to have.” Comcast’s […]
ClubCorp (MYCC) reported another boring but efficient quarter. Headline results were boosted by the acquisition of Sequoia Golf last year but growth in same club revenue of 2.8% and same club EBITDA of 8.6% were at least as good as expected. Membership also continues its steady march higher with consistent 1% gains annually. Northlake was […]
Disney (DIS) reported another great quarter, comfortably beating analyst estimates. The song remains much the same with the power of Disney’s content engine driving growth through the company’s theme parks, TV networks, consumer products, and film studio. With a seemingly can’t miss lineup of franchise films including Avengers, Star Wars, Ant Man, and two Pixar […]
Liberty Global (LBTYK) reported a sloppy set of 1Q15 results mostly explained by difficult comparison based on one-time items. Management reiterated all of its 2015 guidance for revenue, operating cash flow (OCF), free cash flow (FCF), and subscriber growth. Nevertheless, these results clipped the stock by 3% and it seems likely that the shares will […]
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