31 октября, 18:51

Cinemark Holdings (CNK) Q3 Earnings: What's in the Cards?

Cinemark Holdings (CNK) is likely to gain from increasing number of theatres in different regions. However, threats from alternative movie streaming services are a concern.

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27 октября, 22:09

HBO, Turner Continue To Drive Time Warner's Growth

Time Warner Inc (NASDAQ: TWX) reported better-than-expected third quarter results, as both its earnings and revenue beat consensus estimates. Below we highlight some of the most notable items from the earnings release.

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26 октября, 17:23

Time Warner (TWX) Q3 Earnings & Revenues Beat Estimates

Time Warner (TWX) witnessed robust subscription revenue growth at Home Box Office and Turner. The company's investments in video content and technology continued to show results.

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26 октября, 17:15

Квартальная прибыль Time Warner оказалась выше прогнозов

Американская медийная компания Time Warner представила финансовые результаты за третий квартал, в соответствии с которыми чистая прибыль снизилась с $1,47 млрд или $1,87 на акцию годом ранее до $1,37 млрд или $1,73 на бумагу. Между тем, скорректированная прибыль на одну акцию оказалась на уровне $1,82, тогда как аналитики ожидали $1,59. Выручка в рассматриваемом периоде возросла с $7,17 млрд годом ранее до $7,60 млрд, что оказалось выше средних прогнозов аналитиков в $7,41 млрд.

26 октября, 16:37

Charter Communications (CHTR) Lags Q3 Earnings Estimate

Charter Communications Inc. (CHTR) lost 104,000 video customers in the third quarter of 2017.

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26 октября, 16:34

Квартальная прибыль Time Warner оказалась выше прогнозов

Американская медийная компания Time Warner представила финансовые результаты за третий квартал, в соответствии с которыми чистая прибыль снизилась с $1,47 млрд или $1,87 на акцию годом ранее до $1,37 млрд или $1,73 на бумагу. Между тем, скорректированная прибыль на одну акцию оказалась на уровне $1,82, тогда как аналитики ожидали $1,59. Выручка в рассматриваемом периоде возросла с $7,17 млрд годом ранее до $7,60 млрд, что оказалось выше средних прогнозов аналитиков в $7,41 млрд.

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26 октября, 15:39

Time Warner (TWX) Beats Again: Tops Q3 Earnings & Revenues

Time Warner Inc's (TWX) adjusted earnings of $1.82 per share substantially beat the Zacks Consensus Estimate of $1.58, but dipped 0.5% year-over-year.

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26 октября, 15:05

Time Warner Q3 revenue $7.60 bln vs. $7.17 bln; FactSet consensus $7.41 bln

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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26 октября, 15:04

Time Warner Q3 adj. EPS $1.82; FactSet consensus $1.59

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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26 октября, 15:03

Time Warner Q3 EPS $1.73 vs. $1.89

This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

26 октября, 08:52

«Западный агитпроп» притих после «Валдайских тезисов» Путина

На Западе не хотят слышать слова Путина о том, что «безопасности в мире становится меньше», зато стало больше «двойных стандартов». Выступление президента Путина на Валдайском клубе в Сочи вызвало реакцию на Западе, которую можно было бы характеризовать, как непонимание: «А нас-то за что?!» Демократические деятели молчат, западная пресса пишет немного и не очень подробно о том, что говорил президент России в присутствии представителей более 30 стран мира. А, зачастую, иностранные издания просто переключают внимание публики с содержания речи на разговоры о выборах главы Российского государства, которые состоятся в будущем году. В общем, «свобода слова» там опять дала сбой – как по команде, пишут невнятно. Конечно, им есть, что скрывать от собственной публики. Ведь Владимир Путин продолжил называть своими именами те события и тенденции, те действия западных партнеров, что напрямую наносят ущерб России. И эти характеристики, и факты, как полагают хозяева и редактора западных СМИ, совсем не обязательно ретранслировать их публике. 

25 октября, 16:00

Media Stock Q3 Earnings Due on Oct 26: CMCSA, CHTR, SJR, TWX

We await releases from media companies like Comcast (CMCSA) and Charter Communications (CHTR) for the third quarter amid cord-cutting woes.

24 октября, 21:42

Money in Politics: 20 Interest Groups Fueling Government Corruption

Where does all the money that influences our political system come from? We have a list of the top 20 special-interest groups lining Congress' pockets.

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24 октября, 19:35

A Frustrated David Einhorn Asks "Will The Market Cycle Never Turn?"

Just days after Third Point's Dan Loeb took a victory lap in his latest letter to investors, boasting a 14.5% YTD performance, outperforming the S&P and virtually all of his peers, a decidedly more downcast letter was released today by Greenlight's David Einhorn, who also had a good quarter, generating 6.2% in Q3, which brought his YTD return to 3.3% after a subpar first half. Yet despite the solid Q3 performance, Einhorn admits that "the market remains very challenging for value investing strategies, as growth stocks have continued to outperform value stocks. The persistence of this dynamic leads to questions regarding whether value investing is a viable strategy. The knee-jerk instinct is to respond that when a proven strategy is so exceedingly out of favor that its viability is questioned, the cycle must be about to turn around. Unfortunately, we lack such clarity. After years of running into the wind, we are left with no sense stronger than, “it will turn when it turns.” Such an open-ended answer, however, is a problem for a fund which famously opened a basket of "internet shorts" several years prior, and which have continued to rip ever higher, detracting from Greenlight's overall performance. This, in turn, has prompted Einhorn to consider the unthinkable alternative: "Might the cycle never turn?" In other words, is the market now permanently broken. Einhorn goes on to explain that his strategy "relies on the assumption that the equity value of a company equals the market’s best assessment of the current and future profits discounted at the company’s cost of capital. Our ability to outperform often comes from our skill in finding opportunities where the market has misestimated current or future profitability or miscalculated the cost of capital by over- or underestimating the risks." It is here than an unexpectedly exasperated Einhorn emerges: Given the performance of certain stocks, we wonder if the market has adopted an alternative paradigm for calculating equity value. What if equity value has nothing to do with current or future profits and instead is derived from a company’s ability to be disruptive, to provide social change, or to advance new beneficial technologies, even when doing so results in current and future economic loss? It’s clear that a number of companies provide products and services to customers that come with a subsidy from equity holders. And yet, on a mark-to-market basis, the equity holders are doing just fine. Ah yes, the Fed-funded "deflation trade" which lowers prices for goods and services courtesy of ravenous investors who will throw money at any "growth" idea, without considerations for return or profit, because - well - more such investors will emerge tomorrow.  After all, in this day and age of ZIRP, what else will they do with their money. Here Einhorn took aim at his favorite "bubble" shorts: Amazon, Tesla and Netflix. This is what he said: When we consider the business performance of our three most well-known “bubble” shorts, we wonder if this alternative paradigm is in play. Last quarter, we noted Amazon.com’s (AMZN) earnings estimates had fallen over the prior few quarters. This quarter, AMZN revealed a much lower level of long-term structural profitability, causing consensus estimates for the next five years to drop by 40%, 22%, 18%, 14% and 8%, respectively. Ordinarily, stocks trading at nosebleed multiples fall sharply when such a dramatic reassessment happens. Instead, AMZN fell less than 1% during the quarter. Our view is that just because AMZN can disrupt somebody else’s profit stream, it doesn’t mean that AMZN earns that profit stream. For the moment, the market doesn’t agree. Perhaps, simply being disruptive is enough.   Tesla (TSLA) had an awful quarter both in its current results and future prospects. In response, its shares fell almost 6%. We believe it deserved much worse. So much went wrong for TSLA in the quarter that it is hard to only provide a brief summary. The main near-term problems are poor demand for its legacy vehicles and manufacturing challenges for the new Model 3. Notably, TSLA dramatically reduced its gross margin assumption for the September quarter and publicly blamed ramp-up costs for the new Model 3 sedan. More quietly, the company used the lower gross margin hurdle to offer incentives and to lower the cost of options on the Model S and Model X vehicles, and even offered significant markdowns on showroom models. Given the depth of the price cuts, we were surprised that demand for the Model S and Model X only improved modestly.   Meanwhile, it is becoming clear that scale manufacturing is actually a skill. While the CEO makes bold claims about TSLA’s superior prowess, continued production shortfalls, defects and product recalls disprove him. TSLA faces competition from established OEMs that have decades of scale manufacturing experience. Some of TSLA’s presumed market lead in areas like autonomous driving may more likely reflect TSLA’s willingness to put inadequately  tested and dangerous products on the road rather than a true technological advantage.   Finally, there is Netflix (NFLX), where the quarterly results beat expectations and the shares advanced 21%. Competition is heating up and media companies such as Disney will be removing their content from NFLX to compete directly (bulls used to believe that Disney would pull a Time Warner/AOL and pay-up for the highly promoted but profitless business). NFLX continues to accelerate its cash burn as it desperately tries to compensate for its inability to rely longer-term on licensed content. On the second quarter conference call, the CEO stated, “In some senses the negative free cash flow will be an indicator of enormous success.” To us, all it indicates is that NFLX is capable of dramatically changing the economics of stand-up comedy in favor of the comedians. Perhaps, there really is a new paradigm for valuing equities and the joke is on us. Time will tell. Einhorn also highlights the biggest winners and losers in the quarter including CONSOL Energy (CNX), General Motors (GM) and Uniper (Germany: UN01) which were the largest contributors, while Caterpillar (CAT) short and Mylan (MYL) were detractors. Some more details: Greenlight added long positions in Hewlett Packard Enterprise, Micron and Tempur Sealy; exited a short position on Best Buy and a long position on PVH. The fund's largest disclosed long positions at quarter end were unchanged from the end of 2Q: AerCap, Bayer, Consol Energy, General Motors and gold. The parternships had an average exposure of 118% long and 73% short. The full letter is below:

24 октября, 16:29

Charter Communications (CHTR) Q3 Earnings: What's in Store?

Despite a positive earnings estimate, cord-cutting continues to remain a major concern for Charter Communications' (CHTR) video subscriber growth.

24 октября, 15:49

Factors Influencing Time Warner's (TWX) Fate in Q3 Earnings

After registering an increase of 3% in the bottom line, Time Warner (TWX) is likely to witness a year-over-year decline in the third quarter of 2017.

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24 октября, 10:53

AT&T продлила дедлайн по закрытию сделки с Time Warner

Американский гигант телекоммуникационного сектора AT&T продлил дедлайн по закрытию $85,4-миллиардной сделки с медийной компанией Time Warner. Заметим, что предыдущий срок истекал 22 октября, а основной причиной отсрочки дедлайна является отсутствие одобрения сделки министерством юстиции США. Сообщается, что стороны договорились продлить процесс объединения двух компаний "на какое-то время", которое потребуется для согласования всех формальностей. Известно, что после слияния AT&T и Time Warner будет образована одна из крупнейших медиакомпаний мира, которая получит в свое распоряжение премиальный контент, включающий не только библиотеку полнометражных фильмов студии Warner Bros., но и популярные сериалы телеканала HBO, среди которых "Игра престолов", "Мир дикого запада" и многие другие.

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24 октября, 10:30

AT&T продлила дедлайн по закрытию сделки с Time Warner

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Американский гигант телекоммуникационного сектора AT&T продлил дедлайн по закрытию $85,4-миллиардной сделки с медийной компанией Time Warner. Заметим, что предыдущий срок истекал 22 октября, а основной причиной отсрочки дедлайна является отсутствие одобрения сделки министерством юстиции США. Сообщается, что стороны договорились продлить процесс объединения двух компаний "на какое-то время", которое потребуется для согласования всех формальностей. Известно, что после слияния AT&T и Time Warner будет образована одна из крупнейших медиакомпаний мира, которая получит в свое распоряжение премиальный контент, включающий не только библиотеку полнометражных фильмов студии Warner Bros., но и популярные сериалы телеканала HBO, среди которых "Игра престолов", "Мир дикого запада" и многие другие.