So we've got bottom-line growth that topped the analysts, expansion of free cash flow, and an overall report indicative of a media company that is maintaining its focus on growing the customer base in a steady manner.

All of that is fine, but as Trey Thoelcke argued in the preview article, the concept of Comcast buying General Electric's (NYSE: GE) NBC Universal is what's dominating the collective mind of Wall Street. Growing various metrics is great, but institutions and traders want to know what kind of arbitrage opportunities might appear in the near future.

Regular shareholders, on the other hand, would simply like to hear what management's plans for future growth are in a digital age that continues to undergo rapid permutation. Such plans likely involve strategies meant to go deeper into the world of content, so it does appear as if Comcast will do something with a content player. Since the competition with Verizon (NYSE: VZ) and AT&T (NYSE: T) is a serious threat, as this piece from TheStreet.com points out, the cable company wants to explore other ways to generate cash, as well as create a portfolio of exclusive offerings to bolster the cable entity's brand.

I've previously stated my opinion on a Comcast-NBC Universal deal. I'm a little skeptical on the idea, and would prefer Comcast to go after smaller content transactions. We'll see what happens. In the meantime, I'm not fond of the company's shares at this point in time. They seem weak to me. I'd probably wait for some strength to flow into the stock before looking at it. Admittedly, Comcast might be a useful vehicle of speculation for those looking to get a sudden pop from an arbitrage scenario, but there's no guarantee it will happen, so I myself would be content with giving up such an opportunity.

Disclosure: I own GE; positions can change without notice.