Alphabet (GOOGL) reported good fourth quarter and full year results to close out 2016. GOOGL beat sales estimates, but missed EPS targets due to a one-time equipment write-off and a higher than expected tax rate. The core Search business continued to perform well, with paid clicks growing 36% year-over-year compared to estimates of 27% growth. […]
In Northlake’s yearend letter, we stated “Admittedly, we have been too patient with ClubCorp. However, with oil prices rebounding and golf rounds played rising for the first time in several years, we feel if the stock is going to work it should do so as we approach the 2017 golf season.” Lo and behold, it […]
Both of Northlake’s models changed signals to begin 2017. The Market Cap model is now recommending small cap after spending eight months at mid cap. The Style model is still recommending value but as a result of the new small cap signal, value exposure will shift from large cap value to small cap value. The […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-01-03 19:17:372017-01-03 19:17:37Change to Begin 2017 for Northlake’s Models
Northlake’s Style model moved decisively to value for December reflecting the “Trump Trade” that has dominated the stock market since Election Day. Northlake client accounts will sell all holdings in the Russell 1000 Growth (IWF) with proceeds being fully reinvested into the Russell 1000 Value (IWD). The Market Cap model remains firmly in mid cap […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2016-12-01 16:03:362016-12-01 16:03:36Back to Value as Trump Trade Bites
Disney (DIS) reported FY2016 results with sales and earnings modestly below expectations. While the results were slightly underwhelming, investors were more focused on the outlook for 2017 and beyond. Although DIS faces difficult comparisons next year, due largely to year ago strength in Frozen consumer products and Star Wars: Episode VII box office receipts, we […]
Liberty Media and Liberty Sirius reported earnings and held their annual analyst meetings last week. We attended the analyst meeting, one of our favorite events of the year given Liberty’s broad reach into the world of media and communications that is a focus of our investment strategy, The big news at Liberty Media has been […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2016-11-12 20:44:362016-11-12 20:44:36On Track But Not Much Fresh News at Liberty Media and Liberty Sirius
As we hoped, Liberty Global (LBTYK) reported a modest improvement in its revenue and EBITDA growth rates for 3Q16. Revenue adjusted for foreign exchange, merger activity, and other one-time items grew 2% and EBITDA gained 3%. EBITDA excluding the Netherlands (soon to be part of a joint venture) grew a more impressive 5%. A variety […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2016-11-07 20:13:302016-11-07 20:13:30Growth Begins to Accelerate at Liberty Global
Activision Blizzard (ATVI) reported good quarterly results that beat investor expectations, while raising guidance for the fourth quarter. The stock reacted with a mild selloff, as the increased fourth quarter guidance did not quite meet Street expectations. Aside from the slightly conservative fourth quarter guidance, ATVI appears to be on track to benefit from several […]
MGM Resorts (MGM) reported its best quarter in a strong run of growth for the company and upside surprises to Wall Street estimates. When Northlake bought MGM for clients earlier this year, our investment thesis was based on strong management, unappreciated strength in Las Vegas, upside at soon to open regional gaming properties in the […]
CBS reported another solid quarter, supporting our view that it is among the best positioned traditional media companies in a challenging landscape as viewers use different devices to watch TV and new entrants like Netflix offer alternative viewing options. With the exception of Time Warner, which is being bought by AT&T, CBS has been the […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2016-11-07 15:11:382016-11-07 15:11:38Another Good Quarter at CBS
Disciplined Growth Continues at Alphabet
Alphabet (GOOGL) reported good fourth quarter and full year results to close out 2016. GOOGL beat sales estimates, but missed EPS targets due to a one-time equipment write-off and a higher than expected tax rate. The core Search business continued to perform well, with paid clicks growing 36% year-over-year compared to estimates of 27% growth. […]
Selling ClubCorp as it Explores Stategic Alternatives
In Northlake’s yearend letter, we stated “Admittedly, we have been too patient with ClubCorp. However, with oil prices rebounding and golf rounds played rising for the first time in several years, we feel if the stock is going to work it should do so as we approach the 2017 golf season.” Lo and behold, it […]
Change to Begin 2017 for Northlake’s Models
Both of Northlake’s models changed signals to begin 2017. The Market Cap model is now recommending small cap after spending eight months at mid cap. The Style model is still recommending value but as a result of the new small cap signal, value exposure will shift from large cap value to small cap value. The […]
Back to Value as Trump Trade Bites
Northlake’s Style model moved decisively to value for December reflecting the “Trump Trade” that has dominated the stock market since Election Day. Northlake client accounts will sell all holdings in the Russell 1000 Growth (IWF) with proceeds being fully reinvested into the Russell 1000 Value (IWD). The Market Cap model remains firmly in mid cap […]
Disney Outlines Expectations for 2017 and Beyond
Disney (DIS) reported FY2016 results with sales and earnings modestly below expectations. While the results were slightly underwhelming, investors were more focused on the outlook for 2017 and beyond. Although DIS faces difficult comparisons next year, due largely to year ago strength in Frozen consumer products and Star Wars: Episode VII box office receipts, we […]
On Track But Not Much Fresh News at Liberty Media and Liberty Sirius
Liberty Media and Liberty Sirius reported earnings and held their annual analyst meetings last week. We attended the analyst meeting, one of our favorite events of the year given Liberty’s broad reach into the world of media and communications that is a focus of our investment strategy, The big news at Liberty Media has been […]
Growth Begins to Accelerate at Liberty Global
As we hoped, Liberty Global (LBTYK) reported a modest improvement in its revenue and EBITDA growth rates for 3Q16. Revenue adjusted for foreign exchange, merger activity, and other one-time items grew 2% and EBITDA gained 3%. EBITDA excluding the Netherlands (soon to be part of a joint venture) grew a more impressive 5%. A variety […]
Activision Blizzard Reports a Solid Quarter
Activision Blizzard (ATVI) reported good quarterly results that beat investor expectations, while raising guidance for the fourth quarter. The stock reacted with a mild selloff, as the increased fourth quarter guidance did not quite meet Street expectations. Aside from the slightly conservative fourth quarter guidance, ATVI appears to be on track to benefit from several […]
MGM Resorts Reports Outstanding Quarter
MGM Resorts (MGM) reported its best quarter in a strong run of growth for the company and upside surprises to Wall Street estimates. When Northlake bought MGM for clients earlier this year, our investment thesis was based on strong management, unappreciated strength in Las Vegas, upside at soon to open regional gaming properties in the […]
Another Good Quarter at CBS
CBS reported another solid quarter, supporting our view that it is among the best positioned traditional media companies in a challenging landscape as viewers use different devices to watch TV and new entrants like Netflix offer alternative viewing options. With the exception of Time Warner, which is being bought by AT&T, CBS has been the […]