I have been bearish on stocks with heavy exposure to the cable networks business due to concerns that growth was slowing dramatically while the industry was accorded a significant premium valuation. Last Thursday’s positive surprise from Viacom (VIA) and stronger-than-expected July revenue report from E.W. Scripps (SSP) is a strong challenge to my thesis, so […]
The weekend box office was up again, making it four straight weekends. Eight of the last nine weeks have also been up so the summer continues to shape well as it winds down. This past weekend was up 5% from a year ago as lots of films did well. Talladega Nights held the top for […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-08-15 11:15:182006-08-15 11:15:18Another Good Weekend For The Box Office
This note was originally written and published on StreetInsight.com on August 2nd. With all the trauma from my the complete crash of my pirmary PC on July 30th, I forgot to post it here. I apologize for my oversight. There were no changes to the signals from Northlake’s market-cap and style models for August. Northlake […]
Disney (DIS) reported much better than expected 3Q06 EPS. EPS of 53 cents easily beat consensus of 44 cents (3Q EPS were aided by 1-2 cent accounting benefit). Revenues were only slightly better than expected so it was operating profit performance that provided the upside. In particular, the Studio, Theme Parks, and Consumer Products provided […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-08-09 16:51:082006-08-09 16:51:08Strong Quarter For Disney But 2007 Concerns Limit Upside – For Now
Yesterday saw earnings releases from Cablevision (CVC), Charter Communications (CHTR), and DirecTV (DTV) allowing investors to take a snapshot of the current competitive environment in multichannel TV. I think these results along with earlier reports from Comcast and Time Warner support eh bull case for cable over the short-term. CVC continued its strong double digit […]
By recent standards, Lionsgate (LGF) reported a very routine quarter. There was little excitement in the numbers, full year guidance for March 07 was affirmed, and analyst questions on the conference call were not hostile. The lack of excitement was not just due to a generally inline quarter. LGF also made progress by releasing its […]
A new study by McKinsey & Co., highlighted at AdAge.com, does a good job of explaining why television advertising is facing such strong growth headwinds. The key pull quote from the AdAge article is that the study claims that “by 2010, traditional TV advertising will be one-third as effective as it was in 1990.” The […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-08-09 11:37:572006-08-09 11:37:57Cheap Is Not A Reason To Own Media Stocks
The real excitement surrounding 3Q06 earnings from Disney (DIS) will concern how it impacts the outlook for FY07. Despite strong fundamentals and consistent double-digit growth, DIS shares have stalled over concerns about 2007. Recently, estimates have been falling and now reflect just over 10% EPS growth. Concerns surround tough comps for the theme parks, slowing […]
I’d classify the 2Q06 earnings and conference call from NTL Incorporated as mixed. Mixed is not quite good enough for the short-term as that means there some issues. For NTLI shares to jump over the low expectations built into the stock, a clean quarter is required. I don’t think we will get that until 4Q06 […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-08-08 09:26:082006-08-08 09:26:08NTL: Not Bad But Could Have Been Better
I didn’t get a chance to do a formal review of 2Q06 earnings from Regal Entertainment (RGC) due to my PC crash. The shares had a well deserved sell-off following slightly disappointing earnings despite a strong fundamental backdrop formed by 8% growth in the domestic box office during the third quarter. Fortunately, this past weekend’s […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2006-08-07 13:07:122006-08-07 13:07:12Weekend Box Office Good For Regal
Cable Networks Growth Is Slowing
I have been bearish on stocks with heavy exposure to the cable networks business due to concerns that growth was slowing dramatically while the industry was accorded a significant premium valuation. Last Thursday’s positive surprise from Viacom (VIA) and stronger-than-expected July revenue report from E.W. Scripps (SSP) is a strong challenge to my thesis, so […]
Another Good Weekend For The Box Office
The weekend box office was up again, making it four straight weekends. Eight of the last nine weeks have also been up so the summer continues to shape well as it winds down. This past weekend was up 5% from a year ago as lots of films did well. Talladega Nights held the top for […]
August 2006 Model Signals
This note was originally written and published on StreetInsight.com on August 2nd. With all the trauma from my the complete crash of my pirmary PC on July 30th, I forgot to post it here. I apologize for my oversight. There were no changes to the signals from Northlake’s market-cap and style models for August. Northlake […]
Strong Quarter For Disney But 2007 Concerns Limit Upside – For Now
Disney (DIS) reported much better than expected 3Q06 EPS. EPS of 53 cents easily beat consensus of 44 cents (3Q EPS were aided by 1-2 cent accounting benefit). Revenues were only slightly better than expected so it was operating profit performance that provided the upside. In particular, the Studio, Theme Parks, and Consumer Products provided […]
More Cable and Satellite Companies Report
Yesterday saw earnings releases from Cablevision (CVC), Charter Communications (CHTR), and DirecTV (DTV) allowing investors to take a snapshot of the current competitive environment in multichannel TV. I think these results along with earlier reports from Comcast and Time Warner support eh bull case for cable over the short-term. CVC continued its strong double digit […]
Amazing! Lionsgate Reports A Routine Quarter
By recent standards, Lionsgate (LGF) reported a very routine quarter. There was little excitement in the numbers, full year guidance for March 07 was affirmed, and analyst questions on the conference call were not hostile. The lack of excitement was not just due to a generally inline quarter. LGF also made progress by releasing its […]
Cheap Is Not A Reason To Own Media Stocks
A new study by McKinsey & Co., highlighted at AdAge.com, does a good job of explaining why television advertising is facing such strong growth headwinds. The key pull quote from the AdAge article is that the study claims that “by 2010, traditional TV advertising will be one-third as effective as it was in 1990.” The […]
Disney 3Q06 Earnings Preview
The real excitement surrounding 3Q06 earnings from Disney (DIS) will concern how it impacts the outlook for FY07. Despite strong fundamentals and consistent double-digit growth, DIS shares have stalled over concerns about 2007. Recently, estimates have been falling and now reflect just over 10% EPS growth. Concerns surround tough comps for the theme parks, slowing […]
NTL: Not Bad But Could Have Been Better
I’d classify the 2Q06 earnings and conference call from NTL Incorporated as mixed. Mixed is not quite good enough for the short-term as that means there some issues. For NTLI shares to jump over the low expectations built into the stock, a clean quarter is required. I don’t think we will get that until 4Q06 […]
Weekend Box Office Good For Regal
I didn’t get a chance to do a formal review of 2Q06 earnings from Regal Entertainment (RGC) due to my PC crash. The shares had a well deserved sell-off following slightly disappointing earnings despite a strong fundamental backdrop formed by 8% growth in the domestic box office during the third quarter. Fortunately, this past weekend’s […]