Similar to last week, there wasn't anything particularly hot about the market this week - but, we remind you that our What's Hot What's Not is all relative. On the bright side, at least this see-saw week has come to an end, TGIF.
Search Coverage List, Models & Reports
Search Results1-10 out of 69
The hottest names this week were WWE (706 bps better than the S&P), SSP (493 bps), DISH (338 bps), NFLX (228 bps), and ATUS (185 bps). DISH’s print was hot – with really nice financials (revenue and EBITDA beat Consensus by 300bps and 1,600bps respectively) and satellite sub additions (beat Consensus by 22k) outweighing the large Sling subscriber miss (below Consensus by about 200k). Unfortunately we didn’t get a whole lot of new news on the wireless front, which is what can (and probably will) really move the stock when the time comes.
The NFL’s TV rights negotiations are about to HEAT UP. Standing in the way is the collective bargaining agreement (CBA) between the league and the players, which the NFL reportedly hopes to wrap in the next few weeks (despite the CBA running through the 2020 season, or another 18 months). According to today’s WSJ, the NFL wants to lock down a new deal ASAP, as ratings were strong this year on the back of young new stars – plus the league wants to get in front of any potential economic downturn or the 2020 Presidential election, which could dampen ratings and hurt its negotiating leverage (i.e. ratings fell 8% in 2016). From the studios’ perspective, we think getting a deal done sooner rather than later would remove an overhang for the stocks – as some investors still question if a meaningful portion of the rights will go to digital players (we strongly disagree).
We had a chance to tour ETM’s Studio down in TriBeca with a group of investors, followed by meetings with management (CEO CEO David Field, CFO Rich Schmaeling, Chief Digital Officer J.D. Crowley and NY Regional President, Susan Larkin). Our biggest takeaway is how the narrative for the company has finally taken a turn. We didn’t get a single question about USTN or legacy CBS Radio stations. Rather, investors were most interested in ETM’s multi-platform audio strategy – i.e. how ETM plans on integrating its newly acquired podcast platform with its core business, radio.com and its analytics group – along with capital allocation (some thought ETM should be buying back more stock) and the 2020 political opportunity.
The hottest names this week were GTN (797 bps better than the S&P), SSP (753 bps), TGNA (695 bps), SBGI (623 bps), and NXST (140 bps).
As many of you have already heard, Marci has taken the plunge and left Wall Street after an exemplary 17 years to join Comcast as Senior Vice President, Investor Relations. We wish her the absolute best of luck in this new chapter of her career.
The hottest names this week were ETM (627 bps better than the S&P), CCO (597 bps), BBGI (589 bps), LAMR (326 bps), and GTN (231 bps).
Despite all the noise from whatever random blog you are reading (cordcutters.com, wehatethecableguy.com, or cordcuttingrulesaccordingtooneanalyst.com), it is still really hard – make that impossible – for the average sports fan to access live, in-market games outside of the bundle. Yes, you can stream a few here and there. Yes, you can access most of the NFL via an antenna. And if you happen to live in Florida but want to watch the Chicago Bulls, Bears and White Sox (like my Dad), you can pay a whopping $506 for a combination of the NFL Sunday Ticket, the NBA Team Pass, and MLB.tv. (Of course, these exclude all primetime games and any game where Chicago plays Florida). But, if you are an average sports fan, a) you likely engage with more than one sport; and b) you likely watch in-market games. In short – you’re stuck with Pay-TV.
We’ve finally had the time to digest the Q3 prints – for which we provide our observations and lessons learned. We also answer the question: “How can I make money from now until year-end?” as well as provide investor feedback now that we are through the last earnings cycle of 2019. Our note has a lot of cool charts – such as how each company did relative to Consensus expectations for Q3, and where Consensus estimates have gone up and gone down for both 2019 and 2020.
The hottest names this week were ATUS (369 bps better than the S&P), NFLX (310 bps), CHTR (355 bps), GTN (354 bps), and SBGI (306 bps).
- 1 of 7
- next →