Given the increased importance of macro issues on the stock market and record high correlations among individual stocks, I am expanding media company earnings analysis this quarter to touch on all companies and major trends, not just Northlake positions. Media earnings season continues to roll along. The message so far is that media fundamentals are […]
Given the increased importance of macro issues on the stock market and record high correlations among individual stocks, I am expanding media company earnings analysis this quarter to touch on all companies and major trends, not just Northlake positions. Several important media companies reported earnings since yesterday’s close, kicking off about a dozen reports from […]
Yesterday, I wrote in a preview of Apple’s earnings for Wall Street All-Stars and Minyanville that the company needed to report over $8.25 in earnings with good guidance for the stock to respond positively in the very short-term. Consensus EPS was for $7.30. Honestly, I never even considered the possibility that the company would miss […]
Google (GOOG) reported better than expected third quarter earnings of $9.72. Consensus was $8.74. Revenue growth of 33% slightly exceeded consensus estimates. The EPS beat was helped by other income, foreign exchange, and a lower than expected tax rate but this quarter revealed again that GOOG’s core organic growth is not slowing down. Given the […]
Discovery Communications (DISCK) reported another good quarter, matching or exceeding most Street estimates. Revenues grew 11% and EBITDA rose 12%. EPS of 62 cents was a penny ahead of consensus. The company slightly raised guidance to reflect the better than expected second quarter performance. In addition to the solid financial report, the company announced accelerating […]
Liberty Starz (LSTZA) and Liberty Capital (LCAPA) reported largely uneventful second quarter earnings. Both stock still offer excellent value on an asset basis. LSTZA also has a solid underlying business producing moderate growth and significant free cash flow. LSTZA reported slightly better than expected second quarter results. Revenue rose 5% and EBITDA rose 6%. Subscribers […]
Les is More! CBS delivered another outstanding quarter. Led by Les Moonves, CEO and President, CBS continues to put in by far the best performance of any media company. CBS reported EPS of 58 cents, well in excess of the 45 cents consensus. Revenues were just a bit ahead of expectations at $3.59 billion vs. […]
Virgin Media (VMED) reported mixed 2Q11 results. Financial performance matched expectations as revenue rose 2.2% and EBITDA gained 6.1%. The disappointment was on the subscriber side as overall subscribers fell slightly. Losses were seen in video, phone, and high speed data. Gross additions were not too bad but churn picked up. VMED’s leading broadband and […]
Apple reported another blowout quarter. While that is never surprising, there was some reason to be concerned going into the quarter. Supply constraints have left uncertainty about the true level of iPad demand. Verizon iPhone sales have been good but not great. Pending product transitions including the new Lion operating system and iPhone5 could have […]
The most important takeaway from Google’s (GOOG) second quarter 2011 results is that GOOG is still a growth company. This means that earnings in the future will be higher than Wall Street expects for a longer period of time. In turn, investors will now pay a higher P-E multiple for GOOG. These basic facts explain […]
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