Liberty Global (LBTYK) reported improved March quarter earnings after several expected but slower growth quarters. What LBTYK calls rebased revenue grew 2.3% just slightly below estimates of 3%. The upside surprise came in operating cash flow which saw rebased growth of 6%, well ahead of consensus for 4%. An investment cycle, cost related to several […]
Discovery Communications (DISCK) reported a slightly disappointing March quarter results. Most of the miss was not at the domestic or international cable networks. However, investors are treating the stock harshly even after poor year-to-date performance. In hindsight, I should have sold DISCK when the company went on its European acquisition spree as it was out […]
Disney (DIS) reported a big beat to March quarter earnings expectations with EPS of $1.11 vs. consensus of 96 cents. Revenues also were ahead of expectations at $11.65 billion vs. estimates of $11.23 billion. The primary driver of the upside was the film studio but strength was pretty much across the board with exception of […]
I have been a nervous long on Qualcomm (QCOM) for the last six months. Earnings growth has slowed and competitive pressures might mean that will continue over the next few years. The stock continued to hold up well and even had rallied this year to all-time years, however. Unfortunately, the shares are giving back about […]
Apple reported its best quarter with revenues, earnings, profit margins, and iPhone sales all easily exceeding Wall Street estimates. In addition, the company materially increased its share buyback program, raised the dividend by 8%, and announced a 7 for 1 stock split effective in June. Finally, guidance was within an acceptable range with revenues a […]
Comcast (CMCSK) reported better than expected 1Q14 earnings. The upside came from NBC Universal, a good thing given the magnitude of the financial upside in a successful turnaround,. However, Comcast financial performance and stock sentiment is driven more by the much larger cable business. On that side of the company, results were very slightly disappointing […]
Liberty Media (LMCA) reported earnings last week. As usual, the numbers were meaningless as LMCA is a collection of assets including a majority stake in Sirius XM (SIRI) and meaningful minority stakes in Live Nation (LYV), Charter Communications (CHTR), and Barnes and Noble (BKS). Each of these companies had already reported their latest earnings leaving […]
Comcast’s (CMCSK) pending purchase of Time Warner Cable (TWC) improves upon an already positive story for CMCSK shares. Assuming approval effective 1/1/2015, analysts are estimating 5-10% accretion in free cash flow per share vs. Comcast continuing as a standalone entity. Accretion emanates from synergies in operating expenses and capital expenditures, estimated by management at $1.5 […]
Liberty Global (LBTYK) reported its slowest quarterly growth of 2013 in the December quarter, with low single digit gains in revenue and operating income. The numbers were not a surprise as a difficult competitive environment in the UK and Netherlands and initial dis-synergies form the acquisition of Virgin Media in the UK held back results. […]
Discovery Communications (DISCK) reported results roughly in line with Wall Street estimates and provided 2014 guidance just a little below expectations. Estimates for the December quarter and 2014 had been falling recently as DISCK’s leading U.S. networks, Discovery and TLC, had a rough patch of lower ratings. The stock has performed poorly during this period […]
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