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 […]
Apple (AAPL) reported another strong quarter driven by the incredible success of iPhone6 and 6 Plus. Not that long ago, the debate surrounding the iPhone was whether Apple needed a lower end phone to sell in emerging markets. Apparently, the missing ingredient was larger screen sizes. AAPL sold 61.5 million iPhones in the March quarter, […]
Google (GOOG/GOOGL) shares responded favorably to its latest quarterly earnings report, rising over 3% on the first day of post-earnings trading. The results were largely in line with Wall Street expectations, coming as a relief to many investors who feared worse due to difficult foreign exchange headwinds, slowing growth in search, and the shift in […]
La Quinta Holdings Inc. (LQ) is a new buy for Northlake clients. The company owns, operates, and franchises midscale and upper-midscale select-service hotels located in the U.S., Canada, and Mexico. LQ currently trades at an attractive valuation in comparison to its peers, and has several potential catalysts that should help drive the stock to a […]
Liberty Media (LMCA/LMCK) reported an uneventful quarter. Not much of a surprise given all the restructuring activity in the past six months as the company split into two, separating its 28% stake in Charter Communications into newly formed Liberty Broadband (LBRDA/LBRDK). Northlake clients now own stock in both classes of stock at both companies. LMCA/LMCK […]
Comcast (CMCSK) reported another good quarter with mid single digit growth in revenue and operating cash flow and double digit gains in free cash flow. Leaving aside all the noise around net neutrality regulation and the regulatory review of the Comcast-Time Warner Cable merger, CMCSK is executing very well on a consistent basis. Investors have […]
Liberty Global (LBTYK) faced a lot of headwinds in 2014 including slower than expected benefits of the acquisition of Virgin Media in the UK, a lengthy period with no buybacks awaiting the acquisition of Ziggo in the Netherlands, foreign currency weakness (100% of operations are in Europe, Chile, and Puerto Rico), and tough competitive conditions […]
CBS reported fourth quarter results largely in line with analyst estimates. After a tough year in 2014 when operating income fell and estimates declined steadily, reporting results merely as expected provided a sense of relief. Furthermore, management commentary on 2015 trends was confident and a little more positive than investors were anticipating. All of this […]
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