Dreamworks is in the news. First, Dreamworks SKG, the privately held, live action movie studio that is home to Steven Spielberg, is changing plans and will use Disney (DIS) as a distribution partner as opposed to Universal Pictures (owned by GE). Second, Dreamworks Animation (DWA), the publicly held animation company, was the subject of a […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-02-08 14:07:372009-02-08 14:07:37Both Dreamworks in the News
Given the circumstances, Time Warner (TWX) reported decent 4Q08 results and provided better than expected guidance. However, to be perfectly honest, there are so many charges and related future cost savings that it is very difficult to tell whether guidance for “about flat” results in 2009 fairly reflects underlying operating trends. I fear that guidance […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-02-04 14:46:142009-02-04 14:46:14Time Warner: Relatively Good Earnings But Murky Outlook
Time Warner effectively preannounced 4Q08 results when it updated its guidance for 2008 last month. The guidance brought 2008 EBITDA to a gain of just 1% but several items were legitimately one-time so the headlines off the guidance update were more negative than management intended. Underlying growth in 2008 is probably closer to 3% which […]
Northlake’s Style model shifted from value to growth for February. Hopefully, it was only one month late. Last month was awful for value on a relative basis with the Russell 3000 Value (IWW) dropping 11.6% against a decline of just 5.6% for the Russell 3000 Growth (IWZ). The S&P 500 fell 8.6% so last month’s […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-02-02 14:11:022009-02-02 14:11:02February 2009 Model Signals: Back to Growth
My daily email from All Things Digital had an interesting tidbit on the advertising market. Procter and Gamble is the largest US advertiser and CEO A.G. Lafley was quoted as follows from last week’s earnings call: “We have held our marketing spending, advertising spending and in fact what is really going on is the advertising […]
The Super Bowl, the biggest media and advertising event of the year is over. I don’t have any Monday Media Musings about the big game but there is still plenty going of other things going on in the media world. Televisa and Univision Settle Televisa (TV) and Univision settled their long standing litigation. TV will […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-02-02 09:58:132009-02-02 09:58:13Monday Media Musings: February 2, 2009
CETV shares are approaching their November low including a 2-day drop of over 20% last Thursday and Friday. I received a bunch of emails asking for an update. CETV has been closely tracking currency. As the euro and CEE currencies weaken the stock goes down. The December rally (more than a double) coincided with those […]
A good friend and client is a huge Steelers fan. Being a Buffalo Bills fan I don’t know how I can stand the guy as they are probably going to get their 6th championship and neither the Bills nor any other team from Buffalo has ever won anything, just lots of near misses. I can’t […]
Apple is now up about 10% this year and almost 20% from just before it reported its December quarter. I think there a few things at work and that the stock still has “all clear” for another 60 days. That means I think AAPL can be a market leader and outperform the market over that […]
Immediately below are two comments on AT&T’s 4Q08 earnings report. The first one is my immediate reaction writtne prior to the conference call. The second one is my summary of the call. Overall, I would have liked better 2009 guidance but I think the stock offers upside while providing downside protection given the large dividend, […]
https://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://dev.northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-01-28 13:24:062009-01-28 13:24:06Good Quarter But Confusing and Lower Gudiance Muddies the Water
Both Dreamworks in the News
Dreamworks is in the news. First, Dreamworks SKG, the privately held, live action movie studio that is home to Steven Spielberg, is changing plans and will use Disney (DIS) as a distribution partner as opposed to Universal Pictures (owned by GE). Second, Dreamworks Animation (DWA), the publicly held animation company, was the subject of a […]
Time Warner: Relatively Good Earnings But Murky Outlook
Given the circumstances, Time Warner (TWX) reported decent 4Q08 results and provided better than expected guidance. However, to be perfectly honest, there are so many charges and related future cost savings that it is very difficult to tell whether guidance for “about flat” results in 2009 fairly reflects underlying operating trends. I fear that guidance […]
Time Warner 4Q08 Earnings Preview
Time Warner effectively preannounced 4Q08 results when it updated its guidance for 2008 last month. The guidance brought 2008 EBITDA to a gain of just 1% but several items were legitimately one-time so the headlines off the guidance update were more negative than management intended. Underlying growth in 2008 is probably closer to 3% which […]
February 2009 Model Signals: Back to Growth
Northlake’s Style model shifted from value to growth for February. Hopefully, it was only one month late. Last month was awful for value on a relative basis with the Russell 3000 Value (IWW) dropping 11.6% against a decline of just 5.6% for the Russell 3000 Growth (IWZ). The S&P 500 fell 8.6% so last month’s […]
P&G Still Spending
My daily email from All Things Digital had an interesting tidbit on the advertising market. Procter and Gamble is the largest US advertiser and CEO A.G. Lafley was quoted as follows from last week’s earnings call: “We have held our marketing spending, advertising spending and in fact what is really going on is the advertising […]
Monday Media Musings: February 2, 2009
The Super Bowl, the biggest media and advertising event of the year is over. I don’t have any Monday Media Musings about the big game but there is still plenty going of other things going on in the media world. Televisa and Univision Settle Televisa (TV) and Univision settled their long standing litigation. TV will […]
CETV Update
CETV shares are approaching their November low including a 2-day drop of over 20% last Thursday and Friday. I received a bunch of emails asking for an update. CETV has been closely tracking currency. As the euro and CEE currencies weaken the stock goes down. The December rally (more than a double) coincided with those […]
The Steelers Are Bullish
A good friend and client is a huge Steelers fan. Being a Buffalo Bills fan I don’t know how I can stand the guy as they are probably going to get their 6th championship and neither the Bills nor any other team from Buffalo has ever won anything, just lots of near misses. I can’t […]
Apple Acting Better
Apple is now up about 10% this year and almost 20% from just before it reported its December quarter. I think there a few things at work and that the stock still has “all clear” for another 60 days. That means I think AAPL can be a market leader and outperform the market over that […]
Good Quarter But Confusing and Lower Gudiance Muddies the Water
Immediately below are two comments on AT&T’s 4Q08 earnings report. The first one is my immediate reaction writtne prior to the conference call. The second one is my summary of the call. Overall, I would have liked better 2009 guidance but I think the stock offers upside while providing downside protection given the large dividend, […]