Posts by: Steve Birenberg
We are moving from neutral on growth vs. value to all-in on value effective today. We are sticking with mid cap. As a result, for clients using Northlake’s thematic models,…
Northlake is swapping out of purely small cap exposure, moving half to mid cap and half to large cap. The large cap is coming from Style exposure as we stay…
Interest rates on bonds maturing more than a year in the future have risen since our last update on income equities. At the end of November, the 10-year US Treasury…
Home Depot reported better than expected EPS, sales, and comp store sales, but had a small margin shortfall. The stock has reacted poorly to the results, but we remain bullish…
Nexstar Media Group (NXST) reported better than expected 4Q20 results despite elevated expectations. More importantly, guidance for free cash flow in the 2021/2022 cycle came in way above estimates. The…
Disney (DIS) reported its first quarter under its new reporting structure which is designed to isolate the company’s three main businesses and especially highlights the Direct-To-Consumer (DTC) streaming businesses that…
Activision Blizzard (ATVI) reported 4Q20 results roughly in line with Wall Street estimates that were above the company’s own guidance. More importantly, management provided initial 2021 guidance that was above…
Sony (SNE) provided a great boost to our investment thesis with the company’s 3Q20 earnings results. Earnings easily beat Wall Street estimates with strength in almost all segments. Gaming and…
Alphabet (GOOG/GOOGL) reported excellent 4Q20 results across the board in all segments and on all financial metrics. Revenue, EPS, Operating income and profit margins each easily and materially beat Wall…
Facebook (FB) reported a strong beat on 4Q20 sales and earnings, topping expectations for the third consecutive quarter. Guidance for 2021 was unchanged from the initial outlook provided last quarter.…
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