New leasing activity for fiber/small cells was better than we expected, but declined by 9% in Q2 (2nd derivative growth). We assume all acquisition revenue was in the fiber/small cell segment. Fiber/small cell organic growth accelerated this quarter. This is the primary take away and a positive. New leasing activity on macro towers was lower…
EBITDA of MXN 71.9 billion (ex one-time items) was MXN 460 (0.6%) million below our estimate and MXN 670 million below consensus. The slight miss was a result of misses in:
Motorola Solutions secured a court victory in Germany against Hytera, a Chinese company that mainly competes against Motorola in the low-end range of its radio products. This ruling follows a favorable ruling by the US Internal Trade Commission, which found that Hytera infringed Motorola Solutions patents. Hytera is also the subject of a potential sales…
Two years ago, the morning after Netflix reported disappointing Q2 2016 subscribers relative to guidance and provided a disappointing Q3 2016 sub guidance, the stock opened down 13% at $85.43. Later that day, we wrote the following (link): “Quarterly subscriber volatility is nothing new to Netflix, nor are management excuses that are often difficult to…
Ahead of tonight’s Q2 2018 Netflix Earnings Interview, we wanted to lay out our top 10 questions/issues we have for management (for a look at our key questions heading into Q1 2018, see our April 16, 2018 blog, link). 1) Threat of Disneyflix. With Comcast appearing to give up far easier/faster than we expected in #BattleFOX, having made just one…
Apple’s upcoming iOS 12 update will include the integration of new technology by RapidSOS that will send significantly improved location information for 911 calls. This is an important improvement as 80% of the 650,000 calls placed to 911 call centers in the United States each day are made from mobile devices. That’s a good start,…
The NPRM for the C-Band or 3.7-4.2 GHz spectrum was released today. Click here for a copy. We also compiled the comments made by each of the FCC Commissioners on this topic during the press conference that followed the open meeting today. Finally, at the bottom are the prepared remarks of the Commissioners that provided them.…
Back in February 2018 (link), we discussed why we thought Sky was so important to Disney’s investor narrative around transforming the company into a direct-to-consumer platform: “Disney already has great content, maybe even too much great content; what Disney is missing is direct-to-consumer relationships and the associated analytics. Sky gives Disney a significant foothold in Europe…
The $2.3 billion acquisition of Interoute in February has generated plenty of volatility in GTT’s stock. In the 4 weeks following the announcement, the stock rose 29%. It subsequently gave back all those gains as concerns emerged about the quality of Interoute’s business, its declining revenue and the risk of additional equity financing. We believe…
Nobody has ever doubted that MSG’s assets, led by its sports teams, were dramatically more valuable than where MSG stock traded. However, investors wondered whether there would ever be a catalyst to mark this value and close a severe discount to PMV, the magnitude of which was largely influenced by the belief that Jim Dolan would never monetize the Knicks and/or Rangers. Going…
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