Category Archive for "TMT"

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TMT: Portfolio Update – Sooner, or Later?

TMT: Portfolio Update – Sooner, or Later? We sorted a universe of 67 large cap TMT stocks based on the 5-year cash flow growth projected by consensus, and the percentage of EV represented by the implied 5th year terminal value.

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Quick Thoughts: FB and QCOM 2Q14 – Image is Everything!

–          FB blew past 2Q expectations on every metric. Sales up 60% YoY. Ad sales up 67%. Mobile ad sales up 151%. Operating margins were 59% up from 44% a year ago. EPS beat by 31%. –          Ad spending is

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Quick Thoughts: AAPL & MSFT June Quarter Results – The Song Remains the Same

–          AAPL’s 3QFY14 was mixed, with sales 1.5% below consensus but EPS 4% above on impressive 39.4% GMs. iPhones were in-line with strong expectations, but iPads were down YoY – again! –          A revenue miss, 6% growth, the fast erosion

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Quick Thoughts: NFLX 2Q14 – In Line is the New Upside Surprise

–          Media reports can’t seem to decide whether NFLX’s 2Q14 beat consensus or not, but it counts as an upside surprise anyway, because new subscriptions beat forecasts handily –          US net sub adds were 570K, and Int’l was up 1.1M,

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Quick Thoughts: GOOG 2Q14 – In the Right Place at the Right Time

–          The paradigmatic shift of ad dollars drove 22% topline growth for digital advertising leader GOOG. The sales beat overshadowed an EPS miss that was largely due to a higher tax rate. –          GOOG sites revenue was up 23% and

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Quick Thoughts: MSFT – Satya Nadella is no Steve Ballmer

–          MSFT will cut 18K jobs, most from the former Nokia device business, a repudiation of Ballmer’s “Devices and Services” strategy and a bold move toward a cloud future –          Device operations will be pragmatic, targeting the low end and

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Apple and Google: On Your Wrist and In Your Car

Apple and Google: On Your Wrist and In Your Car Despite slight recent design shifts toward each other, AAPL and GOOG still have very different world views – a contrast that is clear in their strategies to extend their platforms

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Quick Thoughts: Google I/O – Android is here, there, and everywhere

Quick Thoughts: Google I/O – Android is here, there, and everywhere –          GOOG’s I/O keynote introduced the new “Android L” and focused on extending a consistent Android and application experience into new venues, such as wearables, TVs and automobiles –         

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June 22, 2014 – US Telecom: Merger Mania! Telecom Bankers Rejoice!

US Telecom: Merger Mania! Telecom Bankers Rejoice! Telecom bankers have been busy, with 2 blockbuster deals on the table, and a third expected to follow. We believe that that all 3 will be approved by the FCC and DoJ, albeit

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Quick Thoughts: John Legere and TMUS are at it again

–          TMUS CEO John Legere continued his “Un-carrier” assault on T and VZ, unveiling 2 new and unique subscriber benefits in an F-bomb laden late night presentation. –          The 1st offers a 7-day free test drive of the iPhone 5S,

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