Last Friday, I attended Virgin Media’s (VMED) analyst meeting in New York. Here are my thoughts: Despite jumping from $15 to $27 since Janaury 2010, VMED still has excellent upside as free cash flow is set to accelerate and management appears very disciplined toward using it to pay down debt and repurchase shares. Given the […]
Discovery Communications (DISCK) reported good 3Q10 results. EBITDA beat estimates indicating fundamental health of the business but EPS missed due to incentive compensation costs related to the steadily rising stock price. Also disappointing was an almost complete lack of share repurchases. DISCK reported after the close on Tuesday, a week ago. The stock had closed […]
CBS reported slightly better than expected results in 3Q10. Revenues fell a little short of expectations at $3.3 billion. Estimates called for an additional $60 million. However, excellent margins led to EBITDA of $667 million, ahead of estimates for $642 million. The operating beat flowed through to EPS and the adjusted EPS of 35 cents […]
Virgin Media reported solid third quarter results as management continues to execute very well at the operating level and take advantage of VMED’s superior broadband network in the United Kingdom. Overall growth in revenue and EBITDA remains modest, rising mid to upper single digits. Free cash flow is growing double digits as capital spending intensity […]
Apple reported another strong quarter but the stock sold off due to concerns about guidance for the December quarter and disappointment in iPad sales. The guidance issue relates solely to gross margins, which Apple guided to 36%, well below recent quarters that have averaged about 40%. The company attributed the guidance to mix issues. iPhones […]
I was expecting good 3Q10 earnings from Google but I thought it would be built on better cost controls. 2Q10 results that led to a big slide in the shares saw higher investment spending overwhelm a small top line beat. Ahead of the 3Q numbers, I expected another quarter of revenue strength but figured management […]
Yesterday all client positions in Discovery Communications (DISCK) were cut back by about 40%. Discovery has been an extremely successful investment with original purchases of the DISCA voting shares made near $16 in the fall of 2008 when the company first started trading as a separate asset-backed stock following a spin-off from Liberty Media. The […]
All Northlake client positions in DirecTV (DTV), including those in my personal accounts, were sold this morning. DTV proved to be a very successful investment having been sold for a gain of 84% and held for just short of 14 months. The original purchase was Liberty Media Entertainment, which restructured, merged with DTV, and ultimately […]
Apple reported another great quarter. Below are the “tweets” I posted on Twitter as I as updating my spreadsheet model and listening to the conference call. For Apple, I continue to find that my first impressions are the most valuable so the Twitter comments capture my thinking well. That said, after reading post call commentary […]
Google (GOOG) is trading down over 5% in a weak market (S&P down 2.2%) after reporting mixed 2Q10 results. The stock has given up most its gains in the past two weeks since the company received a new license to operate in China. GOOG reported EPS of $6.45 on revenues of $5.1 billion net of […]
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