The Walt Disney Co $ 125.41 -3.22 (-2.5%)
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Causeway Capital Management, the Los Angeles-based firm founded by Sarah Ketterer (Trades, Portfolio) and Harry Hartford in 2001, seeks to achieve superior risk-adjusted returns by investing in mispriced equities in both developed as well as emerging markets.
The guru and her team look for potential opportunities among mid- and large-cap companies using quantitative and value-oriented methods. Each stock also receives a risk score based on the additional volatility or risk it adds to the portfolio. The investment team then enters positions in the stocks with the highest expected risk-adjusted return that also have a lower price-earnings ratio
Navigating Through The New Normal
COVID-19 has posed an unprecedented challenge for the theme park industry. From the shutdown of parks beginning in February to operating at a highly restricted capacity this summer and implementing new safety measures, the parks have dealt with a range of issued related to the pandemic. With the recent reopenings of theme parks around the world following the onset the pandemic, we believe that it is timely to discuss the industry and the obstacles it faces as they navigate through this new normal.
Our primary focus in this white paper will be on the two
GuruFocus reader Steve Shea recently asked an excellent question: "Is the Netflix moat starting to fade?"
There's no doubt Netflix Inc. (NFLX) no longer has the video-on-demand business mostly to itself. Many competitors have emerged in the past few years: Amazon's Prime (AMZN), Disney (DIS) and Hulu, to name just a few.
Still, we must remember that Netflix was the prime mover in streaming and became the name associated with streaming services, just as Kleenex became associated with paper tissues.
Personally, I switched from Netflix to Prime several months ago, after being a Netflix subscriber for many years. Despite the
Coatue Management, the firm founded by Philippe Laffont (Trades, Portfolio), disclosed last week that its top five buys for the second quarter were in Agora Inc. (API), The Walt Disney Co. (DIS), PayPal Holdings Inc. (PYPL), Boeing Co. (BA) and Zoom Video Communications Inc. (ZM).
A former mentee of Tiger Management founder Julian Robertson (Trades, Portfolio), Laffont started his New York-based firm in 1999, focusing primarily on the technology and consumer cyclical sectors. As of the quarter-end, the two sectors occupy 29.84% and 16.33% of Coatue's $11.37 billion equity portfolio. Despite this, communication services
Daniel Loeb (Trades, Portfolio), founder and manager of Third Point LLC, disclosed this week that his top six trades during the second quarter included sells in Baxter International Inc. (BAX) and Centene Corp. (CNC), increased holdings in Walt Disney Co. (DIS) and Charter Communications Inc. (CHTR) and new positions in Alibaba Group Holding Ltd. (BABA) and JD.com Inc. (JD).
Loeb follows an event-driven, value-oriented investing style. He takes positions in stocks and pushes for changes through public letters, attempting to unlock value through catalysts.
The investor said in his quarterly letter
Netflix Inc. (NFLX) is the leading player in the subscription-based video streaming market. The company now operates in more than 190 countries globally and has amassed over 190 million subscribers. As such, its market value has surged to over $200 billion.
However, the California-based home entertainment giant could soon begin to experience a slowdown in subscription growth compared to performance over the last seven years. In the company's most recent quarterly results, Netflix missed earnings estimates. It cited slowed growth due to the novel coronavirus as a short-term challenge, but this is not
Ken Fisher (Trades, Portfolio), CEO and chief investment officer of Fisher Investments, disclosed this week that his top four buys for the second quarter were position expansions in NextEra Energy Inc. (NEE), UnitedHealth Group Inc. (UNH), 3M Co. (MMM) and The Walt Disney Co. (DIS).
Fisher, who studied under his father and legendary investor Phil Fisher, wrote Forbes' prestigious "Portfolio Strategy" column from 1984 to 2016 and several finance books, including 1984 Dow Jones bestseller "Super Stocks." The guru's Camas, Washington-based firm invests in stocks based on the idea that supply and demand of securities solely determines
Daniel Loeb (Trades, Portfolio) launched Third Point LLC in 1995. He personally heads the firm's research activities, portfolio and risk management and is infamous for his sometimes acidic letters to the management and/or boards of directors of companies.
Third Point recently released its second quarter 2020 letter. Loeb is among the investors I keep a close eye on. It can be interesting to coattail his activist investments as he is very successful in that arena. Something else I've come to admire is his ability to be flexible. Loeb historically engaged in a lot
Yacktman Asset Management (Trades, Portfolio) disclosed this week that its top five sells during the second quarter were Oracle Corp. (ORCL), Johnson & Johnson (JNJ), The Walt Disney Co. (DIS), Microsoft Corp. (MSFT) and Booking Holdings Inc. (BKNG).
Managed by Stephen Yacktman, the Austin-based firm employs a disciplined investment strategy that combines key principles of growth and value investing. Yacktman seeks companies with good businesses, shareholder-oriented management and low purchase prices.
As of the quarter-end, the firm’s $6.28 billion equity portfolio contains 60 stocks with a turnover ratio of 2%. Although
During Q2, we initiated a long position in The Walt Disney Company (DIS) when shares traded down on fears that closures of theme parks and movie theaters due to the coronavirus pandemic would cripple the company. A slew of sell‐side analysts had recently downgraded the stock but we believed they failed to grasp that the pandemic also provided Disney with an important opportunity – to accelerate a plan to bring its blockbuster content directly to the consumer via streaming, which will further elevate Disney’s position as the world’s pre‐ eminent media company. Streaming is Disney’s biggest market opportunity ever
August 6, 2020
During the Second Quarter, Third Point returned 10.8% in the Offshore Fund. Following further gains last month, we have substantially reduced losses incurred during the First Quarter, bringing year‐to‐date losses for the Offshore Fund to ‐3.7% through July 31. Returns for the Second Quarter were divided nearly equally between equity and credit.
Third Point’s successful shift to working from home during the COVID‐19 pandemic was a testament to our robust technological infrastructure and the team’s grit in adapting to this new model. However, we never lose sight of the fact that while some parts of
Fox Corp. (FOX)(FOXA), which was formed in early 2019 following The Walt Disney Company’s (DIS) acquisition of the majority of the assets of 21st Century Fox, recently reported results for its fourth quarter of fiscal 2020. For the quarter, revenues declined 4% year-over-year to $2.4 billion, with an 8% increase in affiliate revenues offset by a 22% decline in advertising. As shown below, the pace of affiliate fee growth decelerated sequentially from the +10% reported in the third quarter.
The deceleration in the fourth quarter’s affiliate fee growth rate reflects
On Wednesday, four high-quality stocks trading on the Standard & Poor’s 500 Index that gained over 30% during the past six months were Nvidia Corp. (NVDA), Apple Inc. (AAPL), Illumina Inc. (ILMN) and Fastenal Co. (FAST) according to the All-in-One Screener, a popular GuruFocus Premium feature.
Dow continues surge on strong earnings and coronavirus vaccine hopes
The Dow Jones Industrial Average closed at 27,201.52, up 373.05 points from Tuesday’s close of 26,828.47, on the back of The Walt Disney Co. (DIS) surging over 8% on strong fiscal third-quarter subscriber growth for its streaming services. Additionally, Johnson
The Dow Jones Industrial Average closed at 27,201.52 on Wednesday with a gain of 373.05 points or 1.39%. The S&P 500 closed at 3,327.77 for a gain of 21.26 points or 0.64%. The Nasdaq Composite closed at 10,998.40 for a gain of 57.23 points or 0.52%. The VIX Volatility Index was lower at 22.99 for a loss of 0.77 points or -3.24%.
Wednesday’s market movers
U.S. indexes posted gains for a fourth day. The Nasdaq gained 1.39% while the S&P 500 was up 0.64%. Lawmakers on Capital Hill said they are trying to reach a stimulus deal by the end
Shares of The Walt Disney Co. (DIS), a major player in the entertainment and media industry, soared over 5% in aftermarket trading on Tuesday as strong subscriber growth in streaming services outshined impacts from park and resort closures.
The Burbank, California-based company reported a net loss of $4.718 billion, or $2.61 in loss per share, compared with net income of $1.43 billion, or 79 cents in earnings per share, in the prior-year quarter. Despite this, Disney eked out an adjusted profit of 8 cents per share, outperforming the Refinitiv estimate of a loss of 64 cents per share.
Telecommunications and media conglomerate Comcast Corp. (CMCSA) reported strong second-quarter earnings before the opening bell on Thursday.
The Philadelphia-based company, which owns a number of internet and cable networks, film production companies and theme parks, posted adjusted earnings of 69 cents per share, topping Refinitiv analysts’ estimates of 55 cents. Revenue of $23.72 billion also edged past expectations of $23.57 billion.
Despite the Covid-19 pandemic lockdowns that persisted throughout most of the second quarter, high-speed internet subscriptions grew at a faster-than-expected rate. Comcast recorded 323,000 net adds for the three months ended June 30, surpassing the 247,000 adds that were
Netflix, Inc.’s (NFLX) stock has already appreciated more than 40% during the course of 2020. The streaming services sector has been booming ever since the beginning of the Covid-19 crisis, with both government and self-imposed quarantines resulting in huge subscriber jumps for various service-providers like Netflix.
However, the company’s most recent quarterly result, particularly the guidance, managed to disappoint the market and make the stock fall more than 5%.
There has been some recovery in the stock price, and in my opinion, the market continues to underestimate the future impact of two critical factors on Netflix’s business: the consistently rising
In 2018, CNBC launched the Warren Buffett (Trades, Portfolio) Archive, “the digital home to the world’s largest video collection of Warren Buffett (Trades, Portfolio)." The website includes complete video footage from every Berkshire Hathaway (BRK.A, BRK.B) shareholder meeting since 1994, in addition to video clips from Buffett’s appearances on CNBC dating back to 2005.
As discussed previously, my goal in this series is to share key takeaways from the meetings. I will select a handful of quotes from each section that I think are most insightful for investors. With that, let’s take
This is the final article in my series about The Walt Disney Company (DIS). Throughout this process, I’ve taken a detailed look at each of the company’s business segments. However, in order to truly appreciate what makes Disney unique, it’s critical to focus on the bigger picture as well.
The advantages that are created when the individual business segments come together as one was summarized by former CEO Bob Iger in early 2019, when he was asked by Barron’s about some of the acquisitions that had proved so critical to the company’s success. This was his response:
The Walt Disney Company (DIS), a global entertainment giant, came under pressure in March as the United States and many other countries around the world shut down large gathering areas like theme parks, cruise operations and theatres in order to slow the spread of the Covid-19 pandemic.
At the market price of around $119 on July 15, the stock is down 19% this year. The negative sentiment toward the company in the market is justifiable as earnings are expected to take a massive hit through the end of 2020. Even though the outlook seems bleak, though, a few analysts are