reports
Moody's Ratings says Charter's credit ratings are unaffected by the pr...
Moody's Ratings (Moody's) says Charter Communications, Inc.'s (Charter or the company) Ba2 Corporate Family Rating (CFR), all other credit ratings and the negative outlook are unlikely to be affected by its proposed transaction with Liberty Broadband Corporation (parent of GCI, LLC (B1 Stable)). O...
- Jonathan Chaplin
- Vikash Harlalka
CHTR Quick Hit: New pricing a step in the right direction
This morning, Charter issued a press release announcing new bundled pricing along with price locks. They also announced free speed lifts for existing customers as well as steps to improve customer service. We discuss the impact of today’s announcement in this short note.
- Jonathan Chaplin
CHTR Quick Hit: One buyback mystery solved; another emerges
Advance/Newhouse (finally) filed its latest Charter ownership disclosure late Friday afternoon. The buyback amount was the lowest since we started tracking Charter’s buybacks in 2016. In addition, it appears that all the shares were repurchased from A/N and Liberty Broadband; there were no open market purchases. We don’t know why Charter didn’t buy shares in the open market last month; there could be any number of reasons; but we are certainly intrigued. Our thoughts (but few conclusions) in...
- Blair Levin
NSR Policy: It’s the Election, Stupid (or Is It?): Comparing Harris an...
Between now and election day, the impact of policy on capital markets will largely be a function of which party markets believe will be in control of the White House and Congress for the next several years. This makes some sense, as the party in control will have the opportunity to dictate policy affecting the stocks we cover. It also makes sense in that this election presents two widely divergent views of the appropriate role of government in the economy.
- Dave Nicoski
- Ross LaDuke
ILMN ILLUMINA INC.
KMX CARMAX INC.
TFX TELEFLEX INCORPORATED
OMCL OMNICELL INC.
MDT MEDTRONIC PLC
MD MEDNAX INC.
LAD LITHIA MOTORS INC. CLASS A
JNJ JOHNSON & JOHNSON
GILD GILEAD SCIENCES INC.
EXPE EXPEDIA GROUP INC.
CNMD CONMED CORPORATION
CHTR CHARTER COMMUNICATIONS INC. CLASS A
BXP BOSTON PROPERTIES INC.
ATSG AIR TRANSPORT SERVICES GROUP INC.
APPS DIGITAL TURBINE
ANGO ANGIODYNAMICS INC.
AMPH AMPHASTAR PHARMACEUTICALS INC
AUP AURINIA PHARMACEUTICALS INC.
CRI CARTER'S INC.
LBRDA LIBERTY BROADBAND CORP. CLASS A
ASIX ADVANSIX INC.
CSCO CISCO SYSTEMS INC.
KREF KKR REAL ESTATE FINANCE TRUST
ROKU ROKU INC. CLASS A
PGC PEAPACK-GLADSTONE FINANCIAL CORP.
ZM ZOOM VIDEO COMMUNICATIONS INC. CLASS A
NVST ENVISTA HOLDINGS
MTCH MATCH GROUP INC.
GEVO GEVO
CGEM CULLINAN ONCOLOGY INC
OLPX OLAPLEX HLDGS INC
TSE TRINSEO PLC
EXFY EXPENSIFY INC
CCI CALAMOS GLB CNVRTBL & DYNMC INC COM
CSOAD COASTAL CONTACTS INC COM
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Downgrading Consumer Discretionary to Underweight We downgraded our long-term outlook to neutral last week (8/6/24 Compass) after being bullish since early-November 2023. We still believe the S&P 500 is going through a 1- to 4-month consolidation phase, but the many risk-off signals have increased the odds that this consolidation phase could be a topping pattern. It is possible that the low for this multi-month consolidation has already been established within our expected pullback zone of 5100...
- Dave Nicoski
- Ross LaDuke
XEL XCEL ENERGY INC.
SGRY SURGERY PARTNERS INC.
SGMO SANGAMO THERAPEUTICS INC.
PLOW DOUGLAS DYNAMICS INC.
NWL NEWELL BRANDS INC
MCD MCDONALD'S CORPORATION
LAD LITHIA MOTORS INC. CLASS A
HAS HASBRO INC.
GTY GETTY REALTY CORP.
CLX CLOROX COMPANY
APD AIR PRODUCTS AND CHEMICALS INC.
ANGO ANGIODYNAMICS INC.
ALKS ALKERMES PLC
LBRDA LIBERTY BROADBAND CORP. CLASS A
MAT MATTEL INC.
UHT UNIVERSAL HEALTH REALTY INCOME TRUST
VFC V.F. CORPORATION
FLGT FULGENT GENETICS
PFE PFIZER INC.
CWEN CLEARWAY ENERGY INC. CLASS C
PEAK HEALTHPEAK PROPERTIES INC.
LSTR ELECTROSTAR S.A.
MTCH MATCH GROUP INC.
HRMY HARMONY BIOSCIENCES HOLDINGS
BALY BALLYS CORPORATION
SHYF THE SHYFT GROUP INC
NWM NORWEST MINERALS
DOUG DOUGLAS ELLIMAN INC
- Jonathan Chaplin
Charter Communications Inc: 1 director
A director at Charter Communications Inc sold 65,978 shares at 308.010USD 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 y...
- Jonathan Chaplin
Autumn for Broadband 2Q24
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. Industry net adds were down substantially from a year ago, but trends have leveled off sequentially and they look to remain stable in 3Q24 (adjusting for one-time ACP impacts). We continue to expect growth to recover once the ACP headwind has passed.
- Blair Levin
Summer Interruptus: ISPs Obtain Stay of Title II Ruling
We hate summer interruptions, but the Sixth Circuit just made a major ruling in the case involving the ISPs challenge to FCC Title II classification. In this note we provide our key points for investors, including: - The ISPs are likely to win the case, with the Sixth Circuit likely to formally overturn the FCC order in the first part of next year. - We don’t think the decision is material as an economic matter to the ISPs. It does remove a cloud of potential problems down the road. - The ruli...
- Jonathan Chaplin
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
LII LENNOX INTERNATIONAL INC.
PKG PACKAGING CORPORATION OF AMERICA
VGR VECTOR GROUP LTD.
UFPT UFP TECHNOLOGIES
TTMI TTM TECHNOLOGIES INC.
TRU TRANSUNION
TPH TRI POINTE HOMES INC.
NGVC NATURAL GROCERS BY VITAMIN COTTAGE INC
LINC LINCOLN EDUCATIONAL SERVICES
HY HYSTER-YALE MATERIALS HANDLING INC. CLASS A
HURN HURON CONSULTING GROUP INC.
EVH EVOLENT HEALTH INC CLASS A
ENVA ENOVA INTERNATIONAL INC
ENS ENERSYS
DY DYCOM INDUSTRIES INC.
CVLT COMMVAULT SYSTEMS INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
APEI AMERICAN PUBLIC EDUCATION
SYF SYNCHRONY FINANCIAL
CW CURTISS-WRIGHT CORPORATION
BLDP BALLARD POWER SYSTEMS INC.
COOP CO-OPERATIVE BANK OF KENYA
ATRO ASTRONICS CORPORATION
LBRDA LIBERTY BROADBAND CORP. CLASS A
MWA MUELLER WATER PRODUCTS INC. CLASS A
VMI VALMONT INDUSTRIES INC.
UNFI UNITED NATURAL FOODS INC.
DFIN DONNELLEY FINANCIAL SOLUTIONS INC.
BELFB BEL FUSE INC. CL B
GSHD GOOSEHEAD INSURANCE
GENC GENCOR INDUSTRIES INC.
STRA STRATEGIC EDUCATION INC.
HOV HOVNANIAN ENTERPRISES INC. CLASS A
AMPY AMPLIFY ENERGY
VHI VALHI INC.
UFPI UFP INDUSTRIES INC.
OGN ORGANON & CO
2VZ LEONARDO DRS INC.
DO DIAMOND OFFSHORE DRILLING INC.
- Jonathan Chaplin
Charter Model Update
This note focuses on model changes. Please see separate notes reviewing results and on thoughts following the earnings call. The most significant change was lower broadband losses due to better underlying trends and lower ACP losses. The three key risks around broadband market growth, ACP losses, and EBITDA growth have all receded. Price target is $476 (+30%).
- Jonathan Chaplin
CHTR: quick thoughts following the call
Results this quarter did a lot to undermine the short case. Moreover, given the forward-looking commentary, and management’s improved visibility and confidence, we don’t think it is coming back. In this brief note we cover: 1) the set-up for the stock; 2) what we learned about broadband market growth; 3) what we learned about ACP and implications for broadband adds next quarter; 4) EBITDA acceleration; 5) improving FCF; 6) implications for leverage and repurchases; 7) mobile profitability; 8) ...
- Jonathan Chaplin
CHTR 2Q24 Quick Take: Subscribers and EBITDA beat
Results were better than expected on broadband adds, EBITDA and FCF. The two big risks of broadband market growth and ACP have been circumscribed. The short thesis has been largely defanged. We touch briefly on the following: 1. Charter’s broadband trends 2. Progress in rural markets 3. Broadband market growth 4. Broadband ARPU growth 5. Wireless ARPU growth 6. EBITDA growth 7. Bad debt expense 8. FCF and Leverage 9. What to do with the stock
- Vikash Harlalka
2Q24 Broadband Preview
Broadband industry growth has slowed over the last couple of quarters. For 2Q24, we expect reported broadband net adds below last year and pre-pandemic levels. We estimate that after adjusting for the one-time impact of ACP related disconnects, net adds were still below last year but were in-line with pre-pandemic levels. We think consensus expectations for the quarter are a little too negative, especially for Cable, and we expect reported adds to be slightly better than expectations.
- Blair Levin
NSR Policy: What the Congressional FCC Hearing Taught Us and What the ...
Last week, the House Communications Subcommittee had an oversight hearing at which the FCC Chair and all the Commissioners were witnesses. The issues that we were able to learn more about included the 4.9 GHz dispute, bulk billing, and whether a Democratic FCC would attempt to pre-empt the New York State law mandating a low-income broadband offering.
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