Shares of ViacomCBS (VIAC) performed poorly prior to the economic shutdown and COVID-19 crisis and have fallen further. The stock is now about 50% lower than its mid-February level even after rallying 70% from its March low. Of all the investments Northlake has owned over the past couple of years, VIAC has performed the worst […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-05-15 12:25:282020-05-15 12:25:28ViacomCBS: Still Too Cheap
Few companies are more directly impacted by the economic shutdown related to the COVID-19 crisis than Disney (DIS). The company’s theme parks are closed. Movies theaters are shut denying Disney the ability to launch the massive blockbusters from its Marvel, Pixar, Disney, and Star Wars franchises. Sports are not being played, crippling viewership and ad […]
Nexstar Media Group (NXST) shares responded well to the company’s 1Q20 earnings report as investors gained a better understanding of the stability of the company’s free cash flow. Shares in NXST were pummeled in the initial stages of the COVID-19 crisis despite a much less cyclical financial profile than the company had in Great Financial […]
Apple reported better than expected 2Q20 earnings albeit after the company announced new guidance as COVID disruption closed the company’s stores in China, the U.S. and the rest of the world. The company did not provide its usual detailed guidance for the quarter ahead but did provide some big picture comments. iPhones and wearables will […]
Northlake’s Market Cap model shifted from large cap to a weak mid cap signal for May. We are using discretion and waiting to make the change in client portfolios given the ongoing market volatility and uncertainty about progress of reopening the economy while containing the pandemic. Moving to mid cap adds a higher risk, higher […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-05-01 18:12:112020-05-01 18:12:11Taking Time To Consider Shift to Mid Cap
Comcast’s 1Q20 earnings report and conference call exposed sharp differences of how the COVID crisis is impacting the company’s three business segments. Already positive trends in the core cable business are getting a boost. NBC Universal and Sky, however, are in the direct path of the virus with little visibility for the pace or timing […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-04-30 19:19:332020-04-30 19:19:33A Tale of Three Segments at Comcast
Facebook (FB) reported 1Q20 sales slightly better than recently reduced expectations, and earnings in line with lowered estimates. Sales and earnings estimates fell roughly 6% and 11% respectively throughout March as analysts grappled with quantifying the challenges FB faced from the COVID crisis. Advertisers pulled back sharply in the final three weeks of March, but […]
Northlake’s investment thesis on IBM centers upon the gradual transition to faster revenue growth as cloud services become a greater part of IBM’s revenue mix. Prior to the COVID crisis, we got an unexpected boost from a CEO transition that elevated the head of company’s cloud efforts. The economic shutdown clearly will impact IBM as […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-04-29 20:27:132020-04-29 20:27:13IBM Cloud is Clearing The Way to Higher Stock Price
Alphabet (GOOG/GOOGL) reported 1Q20 earnings that indicated better than expected results in January and February before the economic shutdown, offset by a sharp but not quite as bad as expected slowdown in March. The company commented that advertising trends at Search and YouTube have stabilized in April with signs of green shoots. Emerging businesses like […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-04-29 20:26:282020-04-29 20:26:28Long Term Intact at Alphabet With Delayed Gratification
Northlake’s Market Cap model shifted from mid cap to large cap, primarily reflecting the history of large caps holding up better during bear markets. The Style model is sticking with growth which makes sense given growth companies are less sensitive to the cyclical impact of recessions. We swapped remaining client positions in mid cap to […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-04-01 14:54:272020-04-01 14:54:27Large Cap And Growth To Ride Out Storm With Less Risk
ViacomCBS: Still Too Cheap
Shares of ViacomCBS (VIAC) performed poorly prior to the economic shutdown and COVID-19 crisis and have fallen further. The stock is now about 50% lower than its mid-February level even after rallying 70% from its March low. Of all the investments Northlake has owned over the past couple of years, VIAC has performed the worst […]
Disney Worth Waiting For
Few companies are more directly impacted by the economic shutdown related to the COVID-19 crisis than Disney (DIS). The company’s theme parks are closed. Movies theaters are shut denying Disney the ability to launch the massive blockbusters from its Marvel, Pixar, Disney, and Star Wars franchises. Sports are not being played, crippling viewership and ad […]
Less Cyclical Nexstar Sustaining Free Cash Flow
Nexstar Media Group (NXST) shares responded well to the company’s 1Q20 earnings report as investors gained a better understanding of the stability of the company’s free cash flow. Shares in NXST were pummeled in the initial stages of the COVID-19 crisis despite a much less cyclical financial profile than the company had in Great Financial […]
Apple Fundamentals and Stock Price Fairly Balanced
Apple reported better than expected 2Q20 earnings albeit after the company announced new guidance as COVID disruption closed the company’s stores in China, the U.S. and the rest of the world. The company did not provide its usual detailed guidance for the quarter ahead but did provide some big picture comments. iPhones and wearables will […]
Taking Time To Consider Shift to Mid Cap
Northlake’s Market Cap model shifted from large cap to a weak mid cap signal for May. We are using discretion and waiting to make the change in client portfolios given the ongoing market volatility and uncertainty about progress of reopening the economy while containing the pandemic. Moving to mid cap adds a higher risk, higher […]
A Tale of Three Segments at Comcast
Comcast’s 1Q20 earnings report and conference call exposed sharp differences of how the COVID crisis is impacting the company’s three business segments. Already positive trends in the core cable business are getting a boost. NBC Universal and Sky, however, are in the direct path of the virus with little visibility for the pace or timing […]
Facebook Remains a Long-Term Winner
Facebook (FB) reported 1Q20 sales slightly better than recently reduced expectations, and earnings in line with lowered estimates. Sales and earnings estimates fell roughly 6% and 11% respectively throughout March as analysts grappled with quantifying the challenges FB faced from the COVID crisis. Advertisers pulled back sharply in the final three weeks of March, but […]
IBM Cloud is Clearing The Way to Higher Stock Price
Northlake’s investment thesis on IBM centers upon the gradual transition to faster revenue growth as cloud services become a greater part of IBM’s revenue mix. Prior to the COVID crisis, we got an unexpected boost from a CEO transition that elevated the head of company’s cloud efforts. The economic shutdown clearly will impact IBM as […]
Long Term Intact at Alphabet With Delayed Gratification
Alphabet (GOOG/GOOGL) reported 1Q20 earnings that indicated better than expected results in January and February before the economic shutdown, offset by a sharp but not quite as bad as expected slowdown in March. The company commented that advertising trends at Search and YouTube have stabilized in April with signs of green shoots. Emerging businesses like […]
Large Cap And Growth To Ride Out Storm With Less Risk
Northlake’s Market Cap model shifted from mid cap to large cap, primarily reflecting the history of large caps holding up better during bear markets. The Style model is sticking with growth which makes sense given growth companies are less sensitive to the cyclical impact of recessions. We swapped remaining client positions in mid cap to […]