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Showing posts with label Time Warner. Show all posts
Showing posts with label Time Warner. Show all posts
Thursday, January 31, 2013
Investopedia: Yahoo! Still Has So Much To Do
There's still life in Yahoo! (Nasdaq:YHOO),
but there's also still a long and difficult road ahead of the company.
Marissa Mayer has been at the helm for only a short time and fundamental
repositionings in strategy, culture, and so on do not happen overnight.
While Yahoo! most definitely faces serious threats from the likes of Google (Nasdaq:GOOG) and Facebook (Nasdaq:FB), the company has assets and opportunities that still offer some hope.
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Wednesday, October 31, 2012
Investopedia: Disney Buys Lucasfilm, But Is it A Trap?
For many Star Wars fans, the news that came out Tuesday evening read
more like something from The Onion or a Halloween prank. The American
media megalith Disney (NYSE:DIS) announced that, not only did it reach an agreement to acquire
Lucasfilm from George Lucas for about $4.1 billion, but that a new Star
Wars movie would be in theaters by 2015, with many more following
thereafter. While this deal looks a little riskier than those for Pixar
and Marvel, Disney has a habit of monetizing media franchises more
successfully than analysts usually predict.
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Thursday, August 30, 2012
Investopedia: Vivendi Needs Cooperation To Turn Around
There's only so much that any company can do on its own, particularly
when a major part of its restructuring plans revolve around selling
assets at fair prices. But that is the situation facing Vivendi (OTC:VIVEF)
today; while there is indeed ample capacity for the company to improve
internal operations and returns, it seems like a lot of value
realization rests on finding buyers for various parts of the business.
Although Vivendi does appear to be worth meaningfully more than today's
market value, investors should underestimate the time and work it may
take for that value to come to fruition.
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Wednesday, May 9, 2012
Seeking Alpha: Disney Winning The Rat Race
Disney (DIS)
is one of those remarkable companies that seems to have an uncanny
knack for figuring out what its customers want and then giving them even
more of it. Sounds simple, I know, but not many companies have wracked
up lifetime gains of nearly 47,000%. That said, Disney is a surprisingly
volatile stock and brand value alone won't save investors who buy at
the wrong times - investors who bought in 14 years ago are sitting on
just 19% gains (excluding dividends) and looking up longingly at the
S&P 500's returns over that time period.
With that in mind, Disney's solid performance in Q1 and strong stock may be a sign that new investors should cool their heels a bit before taking the plunge with new money.
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Disney Winning The Rat Race
With that in mind, Disney's solid performance in Q1 and strong stock may be a sign that new investors should cool their heels a bit before taking the plunge with new money.
Please click here for the full article:
Disney Winning The Rat Race
Monday, December 19, 2011
Investopedia: A Look At Yahoo's Past, Present, and Future
Flogging the rumors of a Yahoo! (Nasdaq:YHOO) buyout is a well-rehearsed move among financial journalists, over the last year or so. Certainly this one-time internet darling still captures a lot of attention, as did the stories about Microsoft (Nasdaq:MSFT) or Alibaba possibly acquiring it. In all of the discussions of what might happen to Yahoo!, though, it seems like there is relatively little acknowledgment that the company have still have its own independent future. (For other acquisitions, see Biggest Merger and Acquisition Disasters.)
Although going head-to-head with Google (Nasdaq:GOOG) is unlikely to start producing great economic returns, and the company has certainly missed out on many high-potential business endeavors, there are still a few things that Yahoo! does well. They just may not be the things that people immediately think about as long-term business opportunities.
What Yahoo! Was
Most readers are pretty well-acquainted with what Yahoo! used to be and what brought it to fame and recognition. Yahoo! was one of the first useful search engines on the web and arguably one of the first viable internet businesses.
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Although going head-to-head with Google (Nasdaq:GOOG) is unlikely to start producing great economic returns, and the company has certainly missed out on many high-potential business endeavors, there are still a few things that Yahoo! does well. They just may not be the things that people immediately think about as long-term business opportunities.
What Yahoo! Was
Most readers are pretty well-acquainted with what Yahoo! used to be and what brought it to fame and recognition. Yahoo! was one of the first useful search engines on the web and arguably one of the first viable internet businesses.
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Wednesday, October 19, 2011
Investopedia: Mattel - Steady, But Not On Sale
There are not too many companies out there that sell products that have been popular across multiple generations, but Mattel (Nasdaq:MAT) is one of them. In many respects, Mattel looks like an excellent company - it offers beloved brands, a strong return on capital and respectable margins. The question for shareholders, though, is whether management is willing to take the sort of risks that will be necessary to really improve growth, and make this more than a steady dividend play.
Solid Third Quarter Results
On the whole, Mattel delivered neither a positive surprise nor a disappointment for the third quarter. Revenue rose about 9% as reported, with 7% growth when measured in constant currency. Domestic growth was a bit softer than international (6% versus 8%), but balanced all the same. Although the company's Fisher-Price business saw a little revenue erosion on a constant currency basis, the Barbie franchise saw 13% growth.
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Solid Third Quarter Results
On the whole, Mattel delivered neither a positive surprise nor a disappointment for the third quarter. Revenue rose about 9% as reported, with 7% growth when measured in constant currency. Domestic growth was a bit softer than international (6% versus 8%), but balanced all the same. Although the company's Fisher-Price business saw a little revenue erosion on a constant currency basis, the Barbie franchise saw 13% growth.
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Wednesday, September 7, 2011
Investopedia: Can There Be Another Disney?
There is an idea out there that the increasing "democratization" of content and distribution will mean that the age-old balance between artists and creative types and their corporate masters has changed forevermore. If that is true, investors should consider the possibility that there may never be another company quite like Disney (NYSE:DIS) with its ability to create enduring global and iconic brands.
Has Distribution Changed the Game?
There was a time that if someone wanted to be an actor, they had to accept and work within the "studio system." Major studios like Fox Film, Warner Brothers and Paramount signed up all of what they saw as the talented actors, directors and crew to long-term exclusive deals, and they likewise controlled the production studios, distribution networks, and in many cases the theater chains as well. To be in movies outside of the major studios meant being in low-budget "B movies" and perhaps never having people see your work. (For related reading, see Why Movies Cost So Much To Make.)
Much the same was true for artists in other media. While there were quite a lot of small publishing houses, authors who wanted to make a living had to work through established publishers like Scribner's or magazine publishers like Amazing Stories and Weird Tales - and these publishing outlets were increasingly acquired and consolidated through the 60s, 70s, and 80s. When it came to media like cartoons or comics, there was likewise a limited number of venues - if you couldn't get a job with Warner Brothers, Hanna-Barbera, or Marvel, you were likely limited to self-publishing and had to hustle hard to get anyone to notice your work.
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Has Distribution Changed the Game?
There was a time that if someone wanted to be an actor, they had to accept and work within the "studio system." Major studios like Fox Film, Warner Brothers and Paramount signed up all of what they saw as the talented actors, directors and crew to long-term exclusive deals, and they likewise controlled the production studios, distribution networks, and in many cases the theater chains as well. To be in movies outside of the major studios meant being in low-budget "B movies" and perhaps never having people see your work. (For related reading, see Why Movies Cost So Much To Make.)
Much the same was true for artists in other media. While there were quite a lot of small publishing houses, authors who wanted to make a living had to work through established publishers like Scribner's or magazine publishers like Amazing Stories and Weird Tales - and these publishing outlets were increasingly acquired and consolidated through the 60s, 70s, and 80s. When it came to media like cartoons or comics, there was likewise a limited number of venues - if you couldn't get a job with Warner Brothers, Hanna-Barbera, or Marvel, you were likely limited to self-publishing and had to hustle hard to get anyone to notice your work.
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Wednesday, August 3, 2011
Investopedia: Investors Shouldn't Tune Out Central European Media Media
Want to invest in the growth of central and eastern Europe (CEE)? Good luck. There are a couple of ADRs that trade on occasion, but otherwise investors who can't invest directly in these foreign markets are left with ETFs, mutual funds, and a handful of listed plays like Central European Distribution (Nasdaq:CEDC) and CTC Media (Nasdaq:CTCM).
Scarcity doesn't automatically make a stock a good value, but with leading positions in several CEE broadcast markets, investors ought to consider Central European Media (Nasdaq:CETV). While ad spending remains challenging and cost inflation is an ongoing risk, the worst seems to be over for this often overlooked company. (For more on inflation, see The Importance Of Inflation And GDP.)
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Scarcity doesn't automatically make a stock a good value, but with leading positions in several CEE broadcast markets, investors ought to consider Central European Media (Nasdaq:CETV). While ad spending remains challenging and cost inflation is an ongoing risk, the worst seems to be over for this often overlooked company. (For more on inflation, see The Importance Of Inflation And GDP.)
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Tuesday, April 19, 2011
Investopedia: Is Habro A Proto-Disney?
Game and toy maker Hasbro (Nasdaq:HAS) is coming off of what largely looks like a lost decade. Through 2010, the company saw compound revenue growth of less than 4% and negative growth in free cash flow. Keep in mind that period includes the regular production of new customers (children), several acquisitions and the launch of toy-centric movies like the latest round of "Star Wars".
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That said, Hasbro seems to be getting its act together. The toy and game business is looking a little better, and the company's efforts in media (TV and film) could pay off in the long run. Still, toys and children's entertainment is a fiercely competitive business and there is no telling whether Hasbro will draw little kiddies' interest - and their parents' money - over the likes of Mattel (Nasdaq:MAT), Disney (NYSE:DIS) and other competitors. (For more on Hasbro, check out Despite Down Quarter, Hasbro Plays Well.)
A Mixed Quarter With Some Questions
Hasbro offered up a mixed bag of results for the first quarter, which was reported April 14. Revenue was not bad, and performance was basically the same as last year, although it snuck above the average estimate. Interestingly, there was a fairly wide range of estimates going into this quarter and that often correlates with above-average volatility.
Still, there are some questions in that top-line result. Games/puzzles, along with toys for girls and preschoolers, were all down by double-digit percentages; meanwhile, tous for boys were up 25%. That suggests that Hasbro loaded the channel this quarter - perhaps banking on upcoming movie tie-ins to "Transformers", "Thor and "Captain America". If these movies perform well at the box office and there's good sell-through, that's fine ... but if the movies (or toys) falter, that could sour the whole year for Hasbro.
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Monday, February 7, 2011
Investopedia: JDS Uniphase Comes Through Loud And Clear
Tech investors have not been too forgiving to companies through this earnings cycle, but JDS Uniphase (Nasdaq:JDSU) largely took matters into its own hands with a stellar result. While there is still plenty of room to debate JDSU's long-term future, the near-term outlook for optoelectronics seems to be pretty strong.
A Blowout in the Fiscal Second Quarter
JDS Uniphase delivered everything investors wanted in its fiscal second quarter and then some. Revenue jumped 16% from the first quarter (and 39% from the year-ago level) and handily smote even the high estimate on the Street. Revenue growth was definitely fueled by test and measurement business (up 27% sequentially), but the optical products business was no slouch at 14% sequential growth. While the Advanced Optical Technologies unit saw a 10% sequential revenue decline, analysts did not expect a lot from this business.
As revenue jumped ahead of plan, the company was able to leverage better profitability. Gross margin increased 140 basis points on a sequential basis, while the operating margin expanded 450 basis points to over 15%. (For more, see The Bottom Line On Margins.)
The Road Ahead
If management is right, this was not a one-quarter recovery in JDS Uniphase's business. The company guided for a level of March quarter revenue that looks to be about 7% higher than where estimates had been, and while there could be some sequential pullback in profitability, it would seem that numbers should be going up overall.
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A Blowout in the Fiscal Second Quarter
JDS Uniphase delivered everything investors wanted in its fiscal second quarter and then some. Revenue jumped 16% from the first quarter (and 39% from the year-ago level) and handily smote even the high estimate on the Street. Revenue growth was definitely fueled by test and measurement business (up 27% sequentially), but the optical products business was no slouch at 14% sequential growth. While the Advanced Optical Technologies unit saw a 10% sequential revenue decline, analysts did not expect a lot from this business.
As revenue jumped ahead of plan, the company was able to leverage better profitability. Gross margin increased 140 basis points on a sequential basis, while the operating margin expanded 450 basis points to over 15%. (For more, see The Bottom Line On Margins.)
The Road Ahead
If management is right, this was not a one-quarter recovery in JDS Uniphase's business. The company guided for a level of March quarter revenue that looks to be about 7% higher than where estimates had been, and while there could be some sequential pullback in profitability, it would seem that numbers should be going up overall.
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Monday, January 17, 2011
Investopedia: Coinstar - Maybe Not As Doomed As You Think
The doomsayers will be out in force on Coinstar (Nasdaq:CSTR) over the next few days. The company announced a significant miss for the fourth quarter, took down guidance for 2011 by a significant amount and acknowledged troubles with both inventory management and their assessment of the market.
Queue the write-ups of "Coinstar is doomed!"
But maybe that is too hasty. Coinstar has problems, yes, and a difficult transition to come, but it may be a bit premature to grab the shovels and reserve a hearse.
Studios Sink Coinstar's Holiday
As Coinstar's management tells the tale, the underperformance in the fourth quarter can be laid at least in part at the feet of movie studios belonging to the likes of Time Warner (NYSE: TWX) and News Corp (NYSE:NWS).
Desirous of preserving their ridiculously profitable video-on-demand/pay-per-view and DVD sales, these studios basically forced Coinstar into accepting a 28-day window of exclusion; Coinstar cannot load its Redbox DVD rental kiosks with these new releases for 28 days. Given that the Redbox business model is predicated at least in part on impulse rentals of new movies, that's a serious blow, and that fed into the lower-than-expected same-store sales of 12.5% for the period.
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Queue the write-ups of "Coinstar is doomed!"
But maybe that is too hasty. Coinstar has problems, yes, and a difficult transition to come, but it may be a bit premature to grab the shovels and reserve a hearse.
Studios Sink Coinstar's Holiday
As Coinstar's management tells the tale, the underperformance in the fourth quarter can be laid at least in part at the feet of movie studios belonging to the likes of Time Warner (NYSE: TWX) and News Corp (NYSE:NWS).
Desirous of preserving their ridiculously profitable video-on-demand/pay-per-view and DVD sales, these studios basically forced Coinstar into accepting a 28-day window of exclusion; Coinstar cannot load its Redbox DVD rental kiosks with these new releases for 28 days. Given that the Redbox business model is predicated at least in part on impulse rentals of new movies, that's a serious blow, and that fed into the lower-than-expected same-store sales of 12.5% for the period.
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Friday, December 17, 2010
Hey Clearwire, Sprint May Just Not Be That Into You
What happens if someone pulls out all the stops to throw a legendary party, and then nobody shows up? Or, alternatively, people show up but the host goes bankrupt before the party really gets going? That may encapsulate the preeminent fear about would-be 4G giant Clearwire (Nasdaq:CLWR). The company is burning cash at a prodigious rate, Verizon (NYSE:VZ) and AT&T (NYSE:T) continue to go about their business, and Sprint (NYSE:S) seems outwardly a little more skittish about its unofficial subsidiary.
A $1.3 Billion Debt Top-Off
About two weeks ago, Clearwire closed on a round of financing that brought the company over $1.33 billion in additional debt. Two tranches went out with coupon rates of 12% (though the '15 debt is trading at a yield-to-maturity of about 8.8%), while the third was a convertible with a coupon of 8.25%. Clearly, then, we are not talking about a AAA issuer. As part of its special relationship with the company, Sprint will have the right to participate (buy debt) up to 50%, and so the company may issue more debt (in excess of $700 million) within the next month.
Clearly the company needs the cash. Clearwire's capital expenditures have been averaging over $650 million a quarter lately, but the company had about $1.3 billion in cash and short-term securities on the balance sheet at the end of the September quarter (as well as an inconsequential amount of receivables and long-term investments). With this deal, then, Clearwire has bought more time but this is quite likely not the last time the company will need to raise capital.
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A $1.3 Billion Debt Top-Off
About two weeks ago, Clearwire closed on a round of financing that brought the company over $1.33 billion in additional debt. Two tranches went out with coupon rates of 12% (though the '15 debt is trading at a yield-to-maturity of about 8.8%), while the third was a convertible with a coupon of 8.25%. Clearly, then, we are not talking about a AAA issuer. As part of its special relationship with the company, Sprint will have the right to participate (buy debt) up to 50%, and so the company may issue more debt (in excess of $700 million) within the next month.
Clearly the company needs the cash. Clearwire's capital expenditures have been averaging over $650 million a quarter lately, but the company had about $1.3 billion in cash and short-term securities on the balance sheet at the end of the September quarter (as well as an inconsequential amount of receivables and long-term investments). With this deal, then, Clearwire has bought more time but this is quite likely not the last time the company will need to raise capital.
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Wednesday, December 1, 2010
A Sticky Fight Between Comcast And Level 3 Over The Web
It seems like almost everybody enjoys a good tussle, but what do people do when both combatants seem unlikeable and disingenuous? That may end up being the dilemma for observers in the recent dust-up between Level 3 (Nasdaq:LVLT) and Comcast (Nasdaq:CMCSA). While the details of the dispute are arcane enough that it may only interest hard-core 'net-heads and those involved in the business side of the internet, the ramifications of this argument could stretch far and wide.
The Facts, As They Seem
Both Comcast and Level 3 are spinning the details of this dispute to cast themselves in the best possible light, and numerous commentators are aligning themselves as well (generally against Comcast, it seems), but here is what the dispute really covers. Comcast is complaining that Level 3 is sending far more content to Comcast than they are sending back to Level 3 and that Level 3 is effectively acting as a content delivery network (CDN) "in disguise." As a CDN, then, Comcast argues that Level 3 should be required to pay the same sort of fees that it charges to other acknowledged CDNs like Akamai (Nasdaq:AKAM) and Limelight (Nasdaq:LLNW).
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The Facts, As They Seem
Both Comcast and Level 3 are spinning the details of this dispute to cast themselves in the best possible light, and numerous commentators are aligning themselves as well (generally against Comcast, it seems), but here is what the dispute really covers. Comcast is complaining that Level 3 is sending far more content to Comcast than they are sending back to Level 3 and that Level 3 is effectively acting as a content delivery network (CDN) "in disguise." As a CDN, then, Comcast argues that Level 3 should be required to pay the same sort of fees that it charges to other acknowledged CDNs like Akamai (Nasdaq:AKAM) and Limelight (Nasdaq:LLNW).
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Wednesday, November 24, 2010
Netflix Moves The Goalposts ... Again
It is hard not to love a company that sees the biggest threat(s) to its business model, and then embraces them. By no means did Netflix (Nasdaq:NFLX) invent the notion of streaming movies and TV to consumers, but it looks as though this company is fully embracing the idea and taking a forceful step towards not only be relevant, but continuing to be a leader in its market.
Here We Go Again
The idea of Netflix doing something new in terms of delivering entertainment to customers is nothing new. It is an unofficial rule of business and investment writing that every mention of Netflix longer than two paragraphs includes mention of the fact that the company's direct-to-consumer mail DVD rental business basically killed Blockbuster and Movie Gallery. Now, with Coinstar's (Nasdaq:CSTR) Red Box kiosks offering legitimate competition for physical DVDs and Hulu an emerging player in online and streaming content, Netflix is more fully embracing streaming content.
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Here We Go Again
The idea of Netflix doing something new in terms of delivering entertainment to customers is nothing new. It is an unofficial rule of business and investment writing that every mention of Netflix longer than two paragraphs includes mention of the fact that the company's direct-to-consumer mail DVD rental business basically killed Blockbuster and Movie Gallery. Now, with Coinstar's (Nasdaq:CSTR) Red Box kiosks offering legitimate competition for physical DVDs and Hulu an emerging player in online and streaming content, Netflix is more fully embracing streaming content.
Please click the link for the full piece:
http://stocks.investopedia.
Thursday, October 7, 2010
Viva La TV!
While debates and arguments about immigration often dominate any conversation about the growing influence of Spanish-speakers in the United States, the reality is that the Spanish-speaking market is major growth market today. With that in mind, Grupo Televisa's (NYSE:TV) recent deal with Univision looks like a classic win-win deal for both parties.
The Deal
On Tuesday, Televisa announced a $1.2 billion deal with Univision that will further solidify the long-term relationship between these often fractious partners. With the deal, Televisa will get a 5% equity stake in Univision and debentures that can be converted into a further 30% piece of Univision. This is not the first time that Televisa has had an ownership stake in the largest distributor of its programming - prior to Univision's acquisition by private equity, Televisa was a minority investor.
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The Deal
On Tuesday, Televisa announced a $1.2 billion deal with Univision that will further solidify the long-term relationship between these often fractious partners. With the deal, Televisa will get a 5% equity stake in Univision and debentures that can be converted into a further 30% piece of Univision. This is not the first time that Televisa has had an ownership stake in the largest distributor of its programming - prior to Univision's acquisition by private equity, Televisa was a minority investor.
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