Northlake’s Market Cap Model started 2010 with a new signal favoring Mid Cap. This reverses the change made at the start of December when the model moved from mid cap to large cap. As a result of the new signal, positions in the S&P 500 (SPY) linked to the model were swapped to the S&P […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-01-05 14:23:462010-01-05 14:23:46Back to Mid Cap to Start the New Year
Northlake’s Market Cap model shifted to Large Cap from Mid Cap for the month of December. The current signal is just barely in large cap territory. The shift reflects the lessening impact of a cyclical bottom in the economy and financial market conditions. When the financial markets and economy quickly decelerated following the collapse 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 Birenberg2009-12-01 14:26:382009-12-01 14:26:38Market Cap Model Shifts to Large Cap for December
Last Thursday, shareholders of Liberty Media Entertainment (LMDIA) and DirecTV (DTV) formally approved the merger between the two companies. The merger closed Thursday night. Many Northlake clients owned shares in LMDIA. Each share of LMDIA is now one share of DTV. In addition, for every ten shares of LMDIA, shareholders received one share of Liberty […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-11-23 14:06:562009-11-23 14:06:56Liberty Media Entertainment Merger with DirecTV Closes
I am pleased to announce that beginning January 1, 2010, I will be co-managing Entermedia Growth Partners. Entermedia is a 16 year old hedge fund focused on media, communications, entertainment, and communications technology. Entermedia will be a separate business from Northlake but is highly complementary. The Entermedia investment portfolio contains long and short investments in […]
Disney reported better than expected fourth quarter 2009 financial results. Benefiting from an extra week, the company reported adjusted EPS of 46 cents, easily beating consensus of 40 cents. Revenues also beat expectations handily, coming in at $9.69 billion against a consensus estimate of $9.26 billion. Although it got little direct questioning on the call, […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-11-13 09:13:322009-11-13 09:13:32Less Than Meets the Eye at Disney
Disney wraps up September quarter earnings for media and communications companies when it reports after the close on Thursday. Analyst estimates call for EPs of 40 cents on revenue of $92.6 billion. If estimates are hit, revenues will be down about 2%, operating income will fall 15-20% and EPS will be down 4%. At 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 Birenberg2009-11-11 11:36:492009-11-11 11:36:49Disney to Finish Off Media Earnings Season
CBS reported modest upside to estimates in 3Q09 with most of the excess coming from the syndication business. However, it was still a strong quarter of improvement with the CBS Network returning to positive ad growth, dramatically lower ad revenue declines at the local TV stations, and modest improvement but still deeply negative ad sales […]
Discovery Communications (DISCA) reported another good quarter, making it five in a row since the company went public in September 2009. The upside was not as big this quarter than prior quarters but that is due to factors beyond management control: higher expectations and analyst estimates and a still tough environment for advertising sales. What […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-11-06 13:14:202009-11-06 13:14:20Discovery Leading the Advertising Recovery
When I first read the DirecTV press release I was worried the stock would trade down. I saw the results as mixed with a few negatives offsetting plenty of positives. I sure was wrong. As the conference call concludes, the stock is up 6.1%. I think part of the gains relate to ongoing takeover speculation […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-11-05 14:17:032009-11-05 14:17:03DirecTV Comes Through with Free Cash Flow as Prior Worries Recede
Northlake clients own DirecTV (DTV) through their position in Liberty Media Entertainment (LMDIA). LMDIA owns 54% of DTV. DTV will acquire LMDIA prior to year end in a transaction that has already received all necessary government approvals. LMDIA shares will convert into DTV shares. LMDIA shareholders will also receive shares in a new company called […]
Back to Mid Cap to Start the New Year
Northlake’s Market Cap Model started 2010 with a new signal favoring Mid Cap. This reverses the change made at the start of December when the model moved from mid cap to large cap. As a result of the new signal, positions in the S&P 500 (SPY) linked to the model were swapped to the S&P […]
Market Cap Model Shifts to Large Cap for December
Northlake’s Market Cap model shifted to Large Cap from Mid Cap for the month of December. The current signal is just barely in large cap territory. The shift reflects the lessening impact of a cyclical bottom in the economy and financial market conditions. When the financial markets and economy quickly decelerated following the collapse of […]
Liberty Media Entertainment Merger with DirecTV Closes
Last Thursday, shareholders of Liberty Media Entertainment (LMDIA) and DirecTV (DTV) formally approved the merger between the two companies. The merger closed Thursday night. Many Northlake clients owned shares in LMDIA. Each share of LMDIA is now one share of DTV. In addition, for every ten shares of LMDIA, shareholders received one share of Liberty […]
Steve Birenberg to Co-Manage Entermedia Growth Partners Hedge Fund
I am pleased to announce that beginning January 1, 2010, I will be co-managing Entermedia Growth Partners. Entermedia is a 16 year old hedge fund focused on media, communications, entertainment, and communications technology. Entermedia will be a separate business from Northlake but is highly complementary. The Entermedia investment portfolio contains long and short investments in […]
Less Than Meets the Eye at Disney
Disney reported better than expected fourth quarter 2009 financial results. Benefiting from an extra week, the company reported adjusted EPS of 46 cents, easily beating consensus of 40 cents. Revenues also beat expectations handily, coming in at $9.69 billion against a consensus estimate of $9.26 billion. Although it got little direct questioning on the call, […]
Disney to Finish Off Media Earnings Season
Disney wraps up September quarter earnings for media and communications companies when it reports after the close on Thursday. Analyst estimates call for EPs of 40 cents on revenue of $92.6 billion. If estimates are hit, revenues will be down about 2%, operating income will fall 15-20% and EPS will be down 4%. At the […]
CBS Shows Upside But Maintains Guidance
CBS reported modest upside to estimates in 3Q09 with most of the excess coming from the syndication business. However, it was still a strong quarter of improvement with the CBS Network returning to positive ad growth, dramatically lower ad revenue declines at the local TV stations, and modest improvement but still deeply negative ad sales […]
Discovery Leading the Advertising Recovery
Discovery Communications (DISCA) reported another good quarter, making it five in a row since the company went public in September 2009. The upside was not as big this quarter than prior quarters but that is due to factors beyond management control: higher expectations and analyst estimates and a still tough environment for advertising sales. What […]
DirecTV Comes Through with Free Cash Flow as Prior Worries Recede
When I first read the DirecTV press release I was worried the stock would trade down. I saw the results as mixed with a few negatives offsetting plenty of positives. I sure was wrong. As the conference call concludes, the stock is up 6.1%. I think part of the gains relate to ongoing takeover speculation […]
DirecTV 3Q Earnings Preview
Northlake clients own DirecTV (DTV) through their position in Liberty Media Entertainment (LMDIA). LMDIA owns 54% of DTV. DTV will acquire LMDIA prior to year end in a transaction that has already received all necessary government approvals. LMDIA shares will convert into DTV shares. LMDIA shareholders will also receive shares in a new company called […]