Despite merger and acquisition rumors popping up all around the cable and satellite industry, Comcast CMCSK) shares have not moved higher. This makes sense since Comcast is by far the biggest company in U.S. pay TV industry with 25 million subscribers. Charter Communications, now 25% owned by cable industry pioneer John Malone’s Liberty Media (LMCA) […]
Liberty Media (LMCA) and Liberty Global (LBTYK) reported earnings last week, finishing off the latest quarterly reports for Northlake’s portfolio of individual stocks. Both stocks reacted favorably to their results although the real focus of investor attention at both companies is on recent merger and acquisition activity. LMCA recently announced it was taking a 25% […]
Media companies reported earnings over the last two weeks including Northlake positions’ CBS, Discovery Communications (DISCK), and Disney (DIS). In general, the news from Northlake’s holdings and other media companies was good. The two key takeaways are: (1) the national TV ad market is firming up a bit from its tepid growth late last year […]
CBS reported another excellent quarter, showing solid growth even against tough comparisons and declining ratings at the flagship CBS Network. Revenues grew 6%, slightly ahead of expectations. Excellent cost controls and a positive mix shift led to a 15% gain in adjusted operating cash flow, the most important financial measure for media investors. Extremely aggressive […]
Despite reporting results largely in line with estimates and slightly raising full year guidance, Qualcomm (QCOM) shares traded down sharply following its earnings report. Investors were disappointed with margins, especially looking ahead to next quarter when the company expects them to remain under modest pressure. The margin guidance led to June quarter EPS being forecast […]
EMC Corporation reported first quarter 2013 revenue and EPS just barely below street estimates. Revenue of $5.39 million was just below the $5.43 billion estimate. EPS of 39 cents was a penny below estimates. Growth in revenue and EPS was 6% and 5%, respectively. Against recent reports from IBM and other companies serving very large […]
Apple reported its second quarter 2013 earnings at the high end of expectations and guidance. However, the real news surrounded the company’s guidance for the next quarter, commentary on future product introductions, and a large increase in the company’s capital allocation program to return cash to shareholders. For the near-term, I see these factors in […]
Google reported solid first quarter 2013 earnings with most important financial and product metrics tracking very close to expectations. With the stock off 10% from its 2013 and all-time high going into the report, the results were good enough to relieve the pressure. The shares are now up 7% off their April lows but remain […]
Liberty Global (LBTYK) reported another excellent quarter with continued rapid growth in cable, broadband, and telephone subscriptions and accelerating growth in financial metrics. This news was expected. What was not expected was the company’s acquisition of Virgin Media (VMED). LBTYK is a very acquisitive company but expectations for the next big merger were focused on […]
I just completed a swap of all Northlake client positions in Charter Communications (CHTR) into Walt Disney (DIS). CHTR shares have been strong the last few days on takeover rumors. The stock had fallen sharply last week after Time Warner Cable (TWC) announced poor earnings and guidance. GHTR takeover rumors appeared before the Liberty Global […]
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