Category Archives: Communication Services

AT&T (T) 23Q3 Update

AT&T reported 23Q3 GAAP EPS of $0.48, below last year’s $0.79 and also below my estimate of $0.55.  The primary cause of the shortfall vs. my estimate was a $604 million charge for impairments and restructuring that included a $450 … Continue reading

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Initiating Coverage on AT&T (T)

AT&T reported 23Q2 results that slightly exceeded guidance and consensus estimates.  The results also raised confidence that the company can achieve its 2023 free cash flow target of $16 billion.

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2022 Large Cap Performance Analysis

Large cap stocks, as measured by the Lark Research Large Cap Index (the “Index”)[1] which mirrors the S&P 500, posted a decline of 19.5% in 2022.  As in previous years, most of the performance was driven by a handful of … Continue reading

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2021 Market Outlook – Part 2: S&P 500 Sector Analysis

2020 was of course dominated by the impact of the pandemic on the economy and specifically on the revenues and profits of each of the S&P 500 constituents.  There was a sharp stock market sell-off in March-April, followed by a … Continue reading

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A Review of AT&T’s Prospects Following the Time Warner Acquisition

AT&T completed its acquisition of Time Warner on June 14, 2018.  Under the merger agreement, Time Warner shareholders received $53.75 per share in cash and 1.437 shares of AT&T stock for each TWX share held.  In total, Time Warner shareholders … Continue reading

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