Northlake’s Style model shifted to a neutral signal after three months at value. The change primarily reflects a pause in the Trump reflation trade during February that impacted the trend and technical indicators in the Style model that are designed to help model timeliness. Given the new signal, half of client positions in the Russell […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-03-01 16:17:122017-03-01 16:17:12Style Model Back to Neutral on Growth vs. Value
MGM Resorts (MGM) reported disappointing fourth quarter results. The miss was partially self-inflicted; previous guidance from MGM warned about a difficult year-over-year fourth quarter comparison but neglected to mention the potential impact from a shift in the timing of Jewish holidays. A related timing shift by one large convention group impacted fourth quarter EBITDA by […]
CBS reported mixed results for 4Q16 in a quarter where that was widely expected due to difficult comparisons. The company showed three fewer Thursday night NFL games and lost 9 hours of primetime to election coverage. This led to revenues and operating income declining by -2%; ignoring the discontinued radio operations that are being sold. […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-16 20:52:522017-02-16 20:52:52CBS Long-Term Story Very Much Intact
Liberty Global (LBTYK) reported solid 4Q16 results, affirming the acceleration in the company’s growth rate that is critical to our investment thesis. Using the company’s methodology that ignores foreign exchange fluctuations, M&A, and the new joint venture with Vodafone in the Netherlands, rebased revenues grew 3.3% and operating cash flow grew 7.5%. Revenues were slightly […]
Activision Blizzard (ATVI) reported strong sales and profits with FY17 guidance modestly below Street expectations. It appears the conservative guidance was better than most investors expected, as ATVI rallied almost 19% to a new record high of $47.64. ATVI remains on track to benefit from several secular tailwinds, including the growth of higher-margin full-game digital […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Tim Fodorhttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifTim Fodor2017-02-13 10:05:322017-02-13 10:05:32Relief Rally Pushes Activision Blizzard to Record High
Disney (DIS) reported its second consecutive quarter of lower year over year revenue, operating income, and earnings growth as it faces difficult comps from the massive success of Star Wars: The Force Awakens and a big step up in programming expenses due to the new NBA rights contract that went into effect this season. While […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-08 17:30:582017-02-08 17:30:58Puts and Takes But No Significant Change for Core Holding Disney
Comcast (CMCSA) reported another steady growth quarter with revenues up 9%, operating cash flow up 8%, EPS up 10%, and free cash flow up 64%. Despite emerging completion form internet delivered skinny bundles such as DirecTV Now and Sling, the core cable business remains healthy. During the fourth quarter, cable revenues rose 7% led by […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-03 20:34:002017-02-03 20:34:00Steady As She Goes at Blue Chip Comcast
Facebook (FB) reported another strong set of earnings, again beating the high bar set by Wall Street estimates. Revenues grew 51% ahead of expectations in the high 40% range. Mobile ad growth continues to lead the way, up 61%, and now accounting for 84% of total revenue. Profitability also exceeded expectations with GAAP margins 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 Birenberg2017-02-02 18:20:262017-02-02 18:20:26Another Good Quarter But Facebook Range Bound for Near-Term
Apple reported a good holiday quarter relative to muted expectations. The company got back on a growth track, albeit modest, after three straight quarters of declining revenue and iPhone shipments. With revenues up 3%, EPS up 2%, and iPhone shipments up 5%, Apple is no longer the growth stock we once knew. But it does […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-01 19:32:162017-02-01 19:32:16Good Quarter vs Low Expectations Clears Deck for Apple Until iPhone 8
There are no changes to Northlake’s model signals for February. For the second consecutive month, the Market Cap model favors small caps and the Style model favors small cap value. As a result, client positions in the Russell 2000 (IWM) and the Russell 2000 Value (IWN) will be maintained at least through February. The Market […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-01 16:50:382017-02-01 16:50:38Small Caps and Value for Feb as Market Consolidates
Style Model Back to Neutral on Growth vs. Value
Northlake’s Style model shifted to a neutral signal after three months at value. The change primarily reflects a pause in the Trump reflation trade during February that impacted the trend and technical indicators in the Style model that are designed to help model timeliness. Given the new signal, half of client positions in the Russell […]
Growth Expectations Reset at MGM Resorts
MGM Resorts (MGM) reported disappointing fourth quarter results. The miss was partially self-inflicted; previous guidance from MGM warned about a difficult year-over-year fourth quarter comparison but neglected to mention the potential impact from a shift in the timing of Jewish holidays. A related timing shift by one large convention group impacted fourth quarter EBITDA by […]
CBS Long-Term Story Very Much Intact
CBS reported mixed results for 4Q16 in a quarter where that was widely expected due to difficult comparisons. The company showed three fewer Thursday night NFL games and lost 9 hours of primetime to election coverage. This led to revenues and operating income declining by -2%; ignoring the discontinued radio operations that are being sold. […]
Liberty Global Growth Acceleration Affirmed
Liberty Global (LBTYK) reported solid 4Q16 results, affirming the acceleration in the company’s growth rate that is critical to our investment thesis. Using the company’s methodology that ignores foreign exchange fluctuations, M&A, and the new joint venture with Vodafone in the Netherlands, rebased revenues grew 3.3% and operating cash flow grew 7.5%. Revenues were slightly […]
Relief Rally Pushes Activision Blizzard to Record High
Activision Blizzard (ATVI) reported strong sales and profits with FY17 guidance modestly below Street expectations. It appears the conservative guidance was better than most investors expected, as ATVI rallied almost 19% to a new record high of $47.64. ATVI remains on track to benefit from several secular tailwinds, including the growth of higher-margin full-game digital […]
Puts and Takes But No Significant Change for Core Holding Disney
Disney (DIS) reported its second consecutive quarter of lower year over year revenue, operating income, and earnings growth as it faces difficult comps from the massive success of Star Wars: The Force Awakens and a big step up in programming expenses due to the new NBA rights contract that went into effect this season. While […]
Steady As She Goes at Blue Chip Comcast
Comcast (CMCSA) reported another steady growth quarter with revenues up 9%, operating cash flow up 8%, EPS up 10%, and free cash flow up 64%. Despite emerging completion form internet delivered skinny bundles such as DirecTV Now and Sling, the core cable business remains healthy. During the fourth quarter, cable revenues rose 7% led by […]
Another Good Quarter But Facebook Range Bound for Near-Term
Facebook (FB) reported another strong set of earnings, again beating the high bar set by Wall Street estimates. Revenues grew 51% ahead of expectations in the high 40% range. Mobile ad growth continues to lead the way, up 61%, and now accounting for 84% of total revenue. Profitability also exceeded expectations with GAAP margins of […]
Good Quarter vs Low Expectations Clears Deck for Apple Until iPhone 8
Apple reported a good holiday quarter relative to muted expectations. The company got back on a growth track, albeit modest, after three straight quarters of declining revenue and iPhone shipments. With revenues up 3%, EPS up 2%, and iPhone shipments up 5%, Apple is no longer the growth stock we once knew. But it does […]
Small Caps and Value for Feb as Market Consolidates
There are no changes to Northlake’s model signals for February. For the second consecutive month, the Market Cap model favors small caps and the Style model favors small cap value. As a result, client positions in the Russell 2000 (IWM) and the Russell 2000 Value (IWN) will be maintained at least through February. The Market […]