Earlier this week, I purchased a position in Google (GOOG) for all Northlake clients who use individual stocks as part of their portfolio strategy. GOOG pulled back from $630 in early January to $545 with the bulk of the drop occuring following the company’s 4Q09 earnings report. A general correction in tech stocks and the […]
Apple reported another good quarter (revenue +32%, EPS +44%) although investor reaction was unusually muted as the company unexpectedly switched its revenue recognition policy for iPhones. Apple has been reporting “adjusted” results based on the new accounting for several quarters and most investors new a switch was in the pipeline. However the company gave no […]
I purchased a new position in Virgin Media (VMED) in all Northlake client accounts, including my personal accounts. Clients who have been at Northlake for awhile may remember owning Virgin Media previously, even as far back as when it was known as NTL. VMED is the largest cable company in the United Kingdom, with its […]
Last Thursday, shareholders of Liberty Media Entertainment (LMDIA) and DirecTV (DTV) formally approved the merger between the two companies. The merger closed Thursday night. Many Northlake clients owned shares in LMDIA. Each share of LMDIA is now one share of DTV. In addition, for every ten shares of LMDIA, shareholders received one share of Liberty […]
Disney reported better than expected fourth quarter 2009 financial results. Benefiting from an extra week, the company reported adjusted EPS of 46 cents, easily beating consensus of 40 cents. Revenues also beat expectations handily, coming in at $9.69 billion against a consensus estimate of $9.26 billion. Although it got little direct questioning on the call, […]
Disney wraps up September quarter earnings for media and communications companies when it reports after the close on Thursday. Analyst estimates call for EPs of 40 cents on revenue of $92.6 billion. If estimates are hit, revenues will be down about 2%, operating income will fall 15-20% and EPS will be down 4%. At the […]
CBS reported modest upside to estimates in 3Q09 with most of the excess coming from the syndication business. However, it was still a strong quarter of improvement with the CBS Network returning to positive ad growth, dramatically lower ad revenue declines at the local TV stations, and modest improvement but still deeply negative ad sales […]
Discovery Communications (DISCA) reported another good quarter, making it five in a row since the company went public in September 2009. The upside was not as big this quarter than prior quarters but that is due to factors beyond management control: higher expectations and analyst estimates and a still tough environment for advertising sales. What […]
When I first read the DirecTV press release I was worried the stock would trade down. I saw the results as mixed with a few negatives offsetting plenty of positives. I sure was wrong. As the conference call concludes, the stock is up 6.1%. I think part of the gains relate to ongoing takeover speculation […]
Northlake clients own DirecTV (DTV) through their position in Liberty Media Entertainment (LMDIA). LMDIA owns 54% of DTV. DTV will acquire LMDIA prior to year end in a transaction that has already received all necessary government approvals. LMDIA shares will convert into DTV shares. LMDIA shareholders will also receive shares in a new company called […]
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