When Sony reported 3Q20 results three months ago, the company sharply raised guidance for the fiscal year that ended in March. 4Q20 results met or slightly exceeded the new higher guidance. In conjunction with the latest report, Sony established a new three-year financial and strategic plan including guidance for the current quarter and fiscal year. […]
Alphabet (GOOG/GOOGL) reported another outstanding quarter with growth in revenues, operating income, and EPS easily beating elevated Wall Street estimates. This is the third straight quarter where GOOG has beaten Wall Street estimates. Importantly, overall revenue growth accelerated to 32% on a constant-currency basis from the impressive 23% growth rate in 4Q20. The string of […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-04-28 18:01:432021-04-28 18:01:43Easy as ABC at Alphabet
IBM reported a positive surprise in revenue and earnings per share for its 1Q21, an unusual occurrence over the last several years. Revenue of $17.7 billion was about $300 million ahead of consensus and guidance, the first beat on this metric since 2018. Gross margins, another trouble spot of late, also came in ahead of […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-04-20 20:34:552021-04-20 20:34:55Confidence Building Quarter at IBM But Key Catalysts Still to Come in 2021
We are moving from neutral on growth vs. value to all-in on value effective today. We are sticking with mid cap. As a result, for clients using Northlake’s thematic models, we have sold all client positions in the Russell 1000 Growth (IWF) and reinvested the proceeds into the Russell 1000 Value (IWD). There will be […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-04-01 16:46:252021-04-01 16:46:25Going All In on Value
Northlake is swapping out of purely small cap exposure, moving half to mid cap and half to large cap. The large cap is coming from Style exposure as we stay neutral on growth vs. value but move from small cap to large cap ETFs. In Market Cap, the swap is from small cap to mid […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-03-01 18:31:092021-03-01 18:31:09Taking the Small Cap Win
Interest rates on bonds maturing more than a year in the future have risen since our last update on income equities. At the end of November, the 10-year US Treasury bond yield was a little less than 1.00%. Today, the yield is about 1.45%. Short-term interest rates that are fully controlled by the Federal Reserve […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-03-01 16:14:492021-03-01 16:14:49Income Equity and Bond Quarterly Review
Home Depot reported better than expected EPS, sales, and comp store sales, but had a small margin shortfall. The stock has reacted poorly to the results, but we remain bullish on the outlook. HD shares are unchanged since last summer even as quarterly earnings have consistently grown at 20%. This has led to a material […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-24 20:58:232021-02-24 20:58:23HD Shares Will Be Repaired
Nexstar Media Group (NXST) reported better than expected 4Q20 results despite elevated expectations. More importantly, guidance for free cash flow in the 2021/2022 cycle came in way above estimates. The 21/22 outlook validates the strategy that NXST has followed since we first became familiar with the company back in 2013. NXST management has steadily built […]
Disney (DIS) reported its first quarter under its new reporting structure which is designed to isolate the company’s three main businesses and especially highlights the Direct-To-Consumer (DTC) streaming businesses that are the future of the company’s media businesses. Results in the company’s 1Q21 were better than guidance and analyst expectations but are not a short-term […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-16 18:11:222021-02-16 18:11:22Streaming and Dreaming at Disney
Activision Blizzard (ATVI) reported 4Q20 results roughly in line with Wall Street estimates that were above the company’s own guidance. More importantly, management provided initial 2021 guidance that was above analyst estimates and appears to be based on conservative assumptions. ATVI shares have been fantastic performers for Northlake over the years and had a particularly […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-02-10 16:48:572021-02-10 16:48:57Patience Will Continue to be Rewarding at Activision Blizzard
Sony Investing for Growth
When Sony reported 3Q20 results three months ago, the company sharply raised guidance for the fiscal year that ended in March. 4Q20 results met or slightly exceeded the new higher guidance. In conjunction with the latest report, Sony established a new three-year financial and strategic plan including guidance for the current quarter and fiscal year. […]
Easy as ABC at Alphabet
Alphabet (GOOG/GOOGL) reported another outstanding quarter with growth in revenues, operating income, and EPS easily beating elevated Wall Street estimates. This is the third straight quarter where GOOG has beaten Wall Street estimates. Importantly, overall revenue growth accelerated to 32% on a constant-currency basis from the impressive 23% growth rate in 4Q20. The string of […]
Confidence Building Quarter at IBM But Key Catalysts Still to Come in 2021
IBM reported a positive surprise in revenue and earnings per share for its 1Q21, an unusual occurrence over the last several years. Revenue of $17.7 billion was about $300 million ahead of consensus and guidance, the first beat on this metric since 2018. Gross margins, another trouble spot of late, also came in ahead of […]
Going All In on Value
We are moving from neutral on growth vs. value to all-in on value effective today. We are sticking with mid cap. As a result, for clients using Northlake’s thematic models, we have sold all client positions in the Russell 1000 Growth (IWF) and reinvested the proceeds into the Russell 1000 Value (IWD). There will be […]
Taking the Small Cap Win
Northlake is swapping out of purely small cap exposure, moving half to mid cap and half to large cap. The large cap is coming from Style exposure as we stay neutral on growth vs. value but move from small cap to large cap ETFs. In Market Cap, the swap is from small cap to mid […]
Income Equity and Bond Quarterly Review
Interest rates on bonds maturing more than a year in the future have risen since our last update on income equities. At the end of November, the 10-year US Treasury bond yield was a little less than 1.00%. Today, the yield is about 1.45%. Short-term interest rates that are fully controlled by the Federal Reserve […]
HD Shares Will Be Repaired
Home Depot reported better than expected EPS, sales, and comp store sales, but had a small margin shortfall. The stock has reacted poorly to the results, but we remain bullish on the outlook. HD shares are unchanged since last summer even as quarterly earnings have consistently grown at 20%. This has led to a material […]
Nexstar Achieves and Validates Long-Term Strategy
Nexstar Media Group (NXST) reported better than expected 4Q20 results despite elevated expectations. More importantly, guidance for free cash flow in the 2021/2022 cycle came in way above estimates. The 21/22 outlook validates the strategy that NXST has followed since we first became familiar with the company back in 2013. NXST management has steadily built […]
Streaming and Dreaming at Disney
Disney (DIS) reported its first quarter under its new reporting structure which is designed to isolate the company’s three main businesses and especially highlights the Direct-To-Consumer (DTC) streaming businesses that are the future of the company’s media businesses. Results in the company’s 1Q21 were better than guidance and analyst expectations but are not a short-term […]
Patience Will Continue to be Rewarding at Activision Blizzard
Activision Blizzard (ATVI) reported 4Q20 results roughly in line with Wall Street estimates that were above the company’s own guidance. More importantly, management provided initial 2021 guidance that was above analyst estimates and appears to be based on conservative assumptions. ATVI shares have been fantastic performers for Northlake over the years and had a particularly […]