reports
- Blair Levin
DISH Challenge to Venu Succeeds: What’s Next?
This morning, we published a note on DISH’s challenge to the Venu Joint Venture. We discussed the implications of DISH’s letter to the District Court Judge who had been overseeing the case accusing the defendants of having “purchased their way out of their antitrust violation.” The letter pointed to how the joint venture harms MVPDs like DISH by forcing DISH (or Sling) to offer big bundles while offering their own “skinny” packages. The letter concluded by saying that “EchoStar is currently ev...
- Blair Levin
DISH Challenges Disney/Venu/Fubo Deal: Implications for Investors
Earlier this week, Fubo and Disney settled their disagreement over the antitrust case Fubo had filed challenging the Disney/Warner/Fox joint venture to create a streaming sports bundle called Venu. Fubo had won the first round, with the District Court finding that the joint venture violated the antitrust laws. The defendants appealed and the case was heading towards a Court of Appeals argument. The case settled, however, because Disney agreed to buy a controlling interest in Fubo as well as p...
- Blair Levin
NSR Policy: FCC Dings Nexstar for Exceeding Ownership Limits but Real ...
Last week, the FCC ruled that Nexstar’s relationship with Mission Broadcasting’s WPIX in New York City violated its rules and the national broadcast ownership cap. In this note, we discuss how this decision reflects the priorities of the current FCC, but also broader themes related to the decline of linear television and upcoming changes to both the market and the video regulatory environment.
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
WBD WARNER BROS. DISCOVERY INC.
- Blair Levin
NSR Policy: DOJ to Investigate Sports Streaming Combo
This week we are publishing weekend updates on telecom and media. In this media update, we follow-up on our analysis of the new joint venture creating a streaming app that would air a large amount of sports programming with our analysis of the news that the DOJ is going to investigate the joint venture on antitrust grounds. As we discuss, the informal report that DOJ will consider the antitrust implications is not a surprise and is likely designed in part to assist those involved in the investig...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
- Blair Levin
NSR Policy: Another Shoe Drops on Linear Television Bundles; How Will ...
In this media update we analyze the likely government reaction to the news that ESPN, Fox, and Warner Bros./Discovery will team-up to launch a new, stand-alone streaming app to air their combined sports content. That news, combined with new numbers on YouTube TV subscribers, demonstrates that the decline of linear television is accelerating.
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
- Blair Levin
NSR Policy: House Hearing and Deal Speculation Raise Questions About Q...
In this media focused note, we focus on two events that occurred last week; a House hearing on sports programming rights and speculation that media mogul Byron Allen would make a bid for Paramount Global. We think both events are occurring in an environment in which linear television, the primary transmission path for sports programming and the primary assets of Paramount are in secular decline. Yet curiously, in both the hearing and the deal speculation, there was little attention paid to the...
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
AMZN AMAZON.COM INC.
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- Blair Levin
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
SATS ECHOSTAR CORPORATION CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
SNAP SNAPCHAT
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
PINS PINTEREST INC. CLASS A
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- Blair Levin
NSR Policy, Weekend Update: DISH Gets FCC Blessing, Media Ownership Po...
In this weekend update, we analyze the FCC’s letter to DISH about its build-out commitments and what happens next; a court ordering the FCC to do a broadcast ownership proceeding just as the line of television broadcast networks for sale gets longer; signs of hope and struggles for mobile wireless carriers yearning for more mid-band spectrum while TMUS makes progress on its 2.5GHz licenses; and lots of activity in the courts on tech, with SCOTUS taking up the challenge to the Texas and Florida s...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
NWSA NEWS CORPORATION CLASS A
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- Blair Levin
NSR Policy: Back to School: What Happened and is about to Happen in Co...
This Back to School note seeks to update communications and tech investors on what happened in policy that affected stocks (particularly the lead issue that affected telcos, the fight between DISH and TMUS over the 800 MHz licenses, and some regulatory decisions on BEAD affecting the opportunity for all ISPs) and what is coming up in what will be a very big fall (including a new Democratic majority at the FCC, a big court argument affecting ISPs and USF, a budget showdown that could cause chaos ...
TMUS T-MOBILE US INC.
VZ VERIZON COMMUNICATIONS INC.
T AT&T INC.
SBGI SINCLAIR BROADCAST GROUP INC. CLASS A
NXST NEXSTAR MEDIA GROUP INC. CLASS A
GOOGL ALPHABET INC. CLASS A
DISH DISH NETWORK CORPORATION CLASS A
DIS WALT DISNEY COMPANY
CHTR CHARTER COMMUNICATIONS INC. CLASS A
FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
FOX FOX CORPORATION CLASS B
APPL APPLE INC - APPL - US
- 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.
WLK WESTLAKE CHEMICAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TGTX TG THERAPEUTICS INC.
SIG SIGNET JEWELERS LIMITED
SAIA SAIA INC.
RICK RCI HOSPITALITY HOLDINGS
RCKY ROCKY BRANDS
PFGC PERFORMANCE FOOD GROUP COMPANY
MKSI MKS INSTRUMENTS INC.
IRDM IRIDIUM COMMUNICATIONS INC.
IPAR INTER PARFUMS INC.
IDXX IDEXX LABORATORIES INC.
FRGI FIESTA RESTAURANT GROUP INC.
FOXF FOX FACTORY HOLDING CORP.
FGEN FIBROGEN INC.
CPS COOPER-STANDARD HOLDINGS INC.
CNCE CONCERT PHARMACEUTICALS
AEIS ADVANCED ENERGY INDUSTRIES INC.
EVER EVER GOTESCO RESOURCES & HOLDINGS INC.
MGM MGM RESORTS INTERNATIONAL
ODFL OLD DOMINION FREIGHT LINE INC.
THO THOR INDUSTRIES INC.
X UNITED STATES STEEL CORPORATION
CLF CLEVELAND-CLIFFS INC
DCPH DECIPHERA PHARMACEUTICALS INC.
RYTM RHYTHM PHARMACEUTICALS
WHD CACTUS INC
LOVE LOVESAC
TROX TRONOX HOLDINGS PLC
FOX FOX CORPORATION CLASS B
ZYXI ZYNEX
NOV NOV INC.
XPOF XPONENTIAL FITNESS
RAIN INC.
SGHT RAIN THERAPEUTICS INC
ROIV SIGHT SCIENCES INC
OMGA ROIVANT SCIENCES LTD
KMPH OMEGA THERAPEUTICS INC
GBLI KEMPHARM INC
GBLI HOLDINGS LLC
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
GWRE GUIDEWIRE SOFTWARE INC.
NOW SERVICENOW INC.
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
SPLK SPLUNK INC.
PRLB PROTO LABS INC.
PRGO PERRIGO CO. PLC
PEGA PEGASYSTEMS INC.
PDFS PDF SOLUTIONS INC.
NSY NICE SYSTEMS LTD (ADR)
KURA KURA ONCOLOGY INC.
HRTX HERON THERAPEUTICS INC
EPZM EPIZYME INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
APPF APPFOLIO INC CLASS A
ADVM ADVERUM BIOTECHNOLOGIES
ADBE ADOBE INC.
AWK AMERICAN WATER WORKS COMPANY INC.
EA ELECTRONIC ARTS INC.
COUP COUPA SOFTWARE INC.
KNSL KINSALE CAPITAL GROUP INC.
NMI. KIRKLAND LAKE GOLD LTD.
ZYME ZYMEWORKS
GLPG GALAPAGOS NV
IOVA IOVANCE BIOTHERAPEUTICS INC
TNDM TANDEM DIABETES CARE
BAND BANDWIDTH CLASS A
CWEN CLEARWAY ENERGY INC. CLASS C
ZM ZOOM VIDEO COMMUNICATIONS INC. CLASS A
FOX FOX CORPORATION CLASS B
PLMR PALOMAR HOLDINGS
SGEN SEAGEN INC.
RIDE LORDSTOWN MOTORS CORP (A)
- Neil Macker
Morningstar | Fox Posts a Strong Initial Quarter in Its New Form; Inve...
Fox Corp held its first investor day as a newly reconstituted firm on May 9 in conjunction with its first earnings release. While the fiscal third-quarter results beat top- and bottom-line consensus expectations, the focus of the investor day was on the unique position that Fox holds in the media in the eyes of management. We agree the firm has one of the simplest models among the major media firm in the U.S. but believe that management may be slightly over exaggerating the specialness of Fox’...
- Neil Macker
Fox Posts a Strong Initial Quarter in Its New Form; Investor Day Focus...
Fox Corp held its first investor day as a newly reconstituted firm on May 9 in conjunction with its first earnings release. While the fiscal third-quarter results beat top- and bottom-line consensus expectations, the focus of the investor day was on the unique position that Fox holds in the media in the eyes of management. We agree the firm has one of the simplest models among the major media firm in the U.S. but believe that management may be slightly over exaggerating the specialness of Fox’...
- Neil Macker
Morningstar | Fox Corp Represents Murdoch’s Bet on the Value of Spor...
We are launching coverage of Fox Corp with a narrow moat rating, negative trend, and $42 fair value estimate. Our fair value estimate for Fox Corp implies a fiscal 2019 price/earnings ratio of 17 and an enterprise value of 9 times fiscal 2019 EBITDA. After completing the Disney transaction, the Murdoch clan now oversees a much smaller media firm, albeit one that still owns some major brands. Fox, the successor firm to Twenty First Century Fox, consists of the Fox network, 28 local TV stations, ...
- Neil Macker
Fox Corp Represents Murdoch’s Bet on the Value of Sports and News; L...
We are launching coverage of Fox Corp with a narrow moat rating, negative trend, and $42 fair value estimate. Our fair value estimate for Fox Corp implies a fiscal 2019 price/earnings ratio of 17 and an enterprise value of 9 times fiscal 2019 EBITDA. After completing the Disney transaction, the Murdoch clan now oversees a much smaller media firm, albeit one that still owns some major brands. Fox, the successor firm to Twenty First Century Fox, consists of the Fox network, 28 local TV stations, F...
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