reports
- Blair Levin
Could the Trump/Carr Gambits Against CMSCA (and DIS) Backfire?
Recently, we published a note in which we laid out why we thought the FCC Chair’s investigation of CMSCA’s treatment of its network affiliates, like his prior investigation of DIS, was unlikely to lead to a judicially supported resolution; rather, the investigation was designed to provide Carr leverage in any FCC transaction involving CMSCA. We also just published a note discussing how the FCC and DOJ are likely to provide greater consolidation among broadcasters and cable channels, putting econ...
- Jonathan Moreland
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TFX TELEFLEX INCORPORATED
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
OPK OPKO HEALTH INC.
NSP INSPERITY INC.
NPO ENPRO INDUSTRIES INC.
MTDR MATADOR RESOURCES COMPANY
MMLP MARTIN MIDSTREAM PARTNERS L.P.
LLY ELI LILLY AND COMPANY
KMPR KEMPER CORPORATION
IFF INTERNATIONAL FLAVORS & FRAGRANCES INC.
EIG EMPLOYERS HOLDINGS INC.
CNOB CONNECTONE BANCORP INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CHD CHURCH & DWIGHT CO. INC.
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
AMH AMERICAN HOMES 4 RENT CLASS A
CIVB CIVISTA BANCSHARES
OLN OLIN CORPORATION
ASUR ASURE SOFTWARE INC
BRO BROWN & BROWN INC.
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CLAR CLARUS CORPORATION
A2H9KJ NEO PERFORMANCE MATERIAL
OSPN ONESPAN
FXNC FIRST NATIONAL CORP. OF VIRGINIA
TROX TRONOX HOLDINGS PLC
MEC MAYVILLE ENGINEERING
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
XRX XEROX HOLDINGS CORPORATION
PINE ALPINE INCOME PROPERTY TRUST
WSC WILLSCOT MOBILE MINI HOLDINGS CORP
LRMR LARIMAR THERAPEUTICS INC
THRY THRYV HOLDINGS
DLHC DALEIGH HOLDINGS CORP
INTA INTAPP INC
PTLO PORTILLOS INC
BRBR BELLRING BRANDS INC
AUB ATLANTIC UNION BANKSHARES CORP
AURX NUO THERAPEUTICS
OI INC.
SIRI OWENS ILLINOIS INC.
XELB SIRIUS XM HLDGS INC NEW
MUSA XCEL BRANDS INC.
LNW METALS USA HOLDINGS CORP.
LIGHT & WONDER INC.
- Vikash Harlalka
Charter Communications Inc: 1 director
A director at Charter Communications Inc sold 162,694 shares at 378.500USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Jonathan Moreland
SNV SYNOVUS FINANCIAL CORP.
SIGI SELECTIVE INSURANCE GROUP INC.
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
SHBI SHORE BANCSHARES INC.
PNFP PINNACLE FINANCIAL PARTNERS INC.
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CDXS CODEXIS
ARW ARROW ELECTRONICS INC.
PETS PETMED EXPRESS INC.
PLBC PLUMAS BANCORP
CYRX CRYOPORT INC.
FTV FORTIVE CORP.
CMTV COMMUNITY BANCORP INC. VT
LRMR LARIMAR THERAPEUTICS INC
AURX NUO THERAPEUTICS
SIRI INC.
SIRIUS XM HLDGS INC NEW
- Vikash Harlalka
Autumn for Broadband 2Q25
In this installment of our Autumn for Broadband series, we provide a quick update on trends in the broadband market based on what we have seen from the companies that have reported so far. Net adds remained nearly flat compared to a year ago (when adjusted for ACP impact) but were within the pre-pandemic norm. Industry subscriber trends have mostly stabilized over the past 3 quarters, but y/y growth remains below pre-pandemic levels.
- Jonathan Moreland
ANTM ANTHEM INC.
SSB SOUTH STATE CORPORATION
SNV SYNOVUS FINANCIAL CORP.
SIGI SELECTIVE INSURANCE GROUP INC.
SFNC SIMMONS FIRST NATIONAL CORPORATION CLASS A
RLI RLI CORP.
PSX PHILLIPS 66
PRGS PROGRESS SOFTWARE CORPORATION
PNFP PINNACLE FINANCIAL PARTNERS INC.
NVCR NOVOCURE LTD.
MTH MERITAGE HOMES CORPORATION
MSCI MSCI INC. CLASS A
MOFG MIDWESTONE FINANCIAL GROUP
FBIZ FIRST BUSINESS FINANCIAL SERVICES
CNC CENTENE CORPORATION
CHTR CHARTER COMMUNICATIONS INC. CLASS A
ALGN ALIGN TECHNOLOGY INC.
UPS UNITED PARCEL SERVICE INC. CLASS B
PETS PETMED EXPRESS INC.
EPD ENTERPRISE PRODUCTS PARTNERS L.P.
PBT PERMIAN BASIN ROYALTY TRUST
LIND LINDBLAD EXPEDITIONS HOLDINGS
KYN KAYNE ANDERSON MLP INVESTMENT CO.
PLBC PLUMAS BANCORP
CZWI CITIZENS COMMUNITY BANCORP
MBIN MERCHANTS BANCORP
PGC PEAPACK-GLADSTONE FINANCIAL CORP.
LOOP LOOP INDUSTRIES
CHMG CHEMUNG FINANCIAL CORP.
FVCB FVCBANKCORP
TLRY TILRAY
TROX TRONOX HOLDINGS PLC
AMTB AMERANT BANCORP (A)
PCB PACIFIC CITY FINANCIAL CORP
DMAC DIAMEDICA THERAPEUTICS INC.
CRDF CARDIFF ONCOLOGY INC
ABSI ABSCI CORP
NSPR INSPIREMD INC
BRCC BRC INC
JMSB JOHN MARSHALL BANCORP INC
PRME PRIME MEDICINE INC
MMC MARSH & MCLENNAN COMPANIES INC.
STRW STRAWBERRY FIELDS REIT INC.
AURX NUO THERAPEUTICS
DMA INC.
MRAI DESTRA MULTI ALTERNATIVE FUND
GF MARPAI
CVM INC.
THE NEW GERMANY FUND
INC.
CEL-SCI CORPORATION
- Jonathan Moreland
SHEN SHENANDOAH TELECOMMUNICATIONS COMPANY
PNFP PINNACLE FINANCIAL PARTNERS INC.
FFIN FIRST FINANCIAL BANKSHARES INC
CHTR CHARTER COMMUNICATIONS INC. CLASS A
CDXS CODEXIS
CIVB CIVISTA BANCSHARES
CZWI CITIZENS COMMUNITY BANCORP
MBIN MERCHANTS BANCORP
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
CRDF CARDIFF ONCOLOGY INC
JMSB JOHN MARSHALL BANCORP INC
MMC MARSH & MCLENNAN COMPANIES INC.
- Vikash Harlalka
Charter Results Review & Model Update
This note belatedly covers 2Q results and model update. We also provide thoughts on EBITDA growth for the year along with other industry / Charter-specific themes emerging from the results. The major changes to the model are higher broadband losses and lower EBITDA in 2025. FCF is higher. We are close to consensus on EBITDA and slightly above on FCF. Our near-term price target is $450 (+60%).
- Jonathan Chaplin
New Cable MVNO – implications for Cable and Mobile operators
Charter and Comcast announced that they have signed an MVNO with T-Mobile that will target new business customers (here). In this quick note we provide thoughts on implications for Verizon, T-Mobile, Charter, Comcast, and the industry more broadly.
- Blair Levin
Media Consolidation: Will FOX (Like CMSCA and DIS) Be in a Trump Trans...
As the Skydance/Paramount deal has demonstrated, the Trump FCC will address media transactions through a political lens. In this note, we discuss the implications for the sector of FOX potentially finding itself in the same position as CSMCA and DIS when it comes to the upcoming media consolidation, as well as other implications of the Colbert Affair and the federal defunding of PBS.
- Jonathan Chaplin
There is more Cable and Fiber M&A coming
This report provides a detailed update to our fiber forecast, with implications for the Fiber and Cable operators. The analysis suggests a strong incentive for Mobile and Cable operators to continue to consolidate assets. The analysis leverages the latest release of FCC data coupled with new features and data sets that have been built into Broadband Insights.
- Jonathan Chaplin
CHTR Quick Hit: 2Q25 Buybacks Hit $1.7BN
Advance / Newhouse filed their latest Charter ownership disclosure earlier today. The buyback amount of $1.7BN for the quarter was almost double the Consensus estimate of $0.9BN. It is a touch below our estimate of $1.8BN, but we were miles ahead of Consensus. Buyback estimates for the quarter and the year should be revised higher.
- Jonathan Chaplin
Updating Price Targets for One Big Beautiful Bill Act
We have updated the price targets for our coverage as a result of the passage of the One Big Beautiful Bill Act. Prior to the bill becoming law, we had already added the value of tax reform to our price targets on a probability-weighted basis. We have now increased the probability from 75% to 100%.
- Blair Levin
Rethinking BEAD 2.0 as States Rethink Their Options
Earlier this month, as expected, Secretary of Commerce Lutnick released new rules for BEAD, requiring all the states to rebid and prioritizing the lowest cost option. Our initial reaction was that the new rules would shift funds from fiber to satellite, a negative for wired providers including CMSCA, CHTR, T, and VZ/FYBR. We still think that but in talking to numerous stakeholders, that magnitude of the shift may be less than we initially thought. In this note we examine two themes that have ...
- Blair Levin
- Jonathan Chaplin
Mobile and broadband pair trades to consider this summer
While we have been intensively focused on such things as a Presidential intervention to prevent a Chapter 11, we admit that our mind occasionally drifts to thoughts of summer. So to help others who may have similar thoughts, we thought, in honor of summer beginning, we should provide our thoughts as to which alcohols pair best with the purchase of the stocks we cover (actually, we just asked ChatGPT and, given its attitude about intellectual property, we have no fears about just cutting and pas...
- Jonathan Chaplin
CHTR Quick Hit: Insights from preliminary proxy
Charter filed a preliminary proxy earlier today. We now have detailed historical and projected financials for Cox. The standalone forecasts and synergy forecasts are below ours, but in-line with consensus and prior guidance. We provide comparisons in this brief note.
- Jonathan Chaplin
- Jonathan Chaplin
A closer look at Cox footprint
We’ve been getting questions from clients about competitive dynamics in Cox’s markets after Charter announced its acquisition. In this note, we use Broadband Insights to explore the fiber competition in Cox’s markets today and in the future, who the largest competitors are, and market demographics.
- Jonathan Chaplin
CHTR / Cox: thoughts following the call and detailed deal analysis
We published an initial take yesterday. Blair published his report on regulatory risks to the deal. In this report, we provide quick estimates for synergies, a pro forma model, thoughts on leverage and share repurchases, accretion / dilution, and valuation.
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