Sony (SONY): SONY had improved results after a couple quarters of modest downward revisions. 2Q22 earnings came in ahead of consensus, and the company raised its guidance for FY22 which ends on 3/31/23. Importantly, SONY’s games segment showed signs of stability as the post-pandemic shift in behavior that has reduced engagement appears to have runs […]
IBM (IBM): IBM reported mostly solid 2Q22 results, but the stock fell victim to its strong performance from earlier this year. Ahead of the report, the shares were nearly unchanged against a 20-30% decline for major stock market averages. This strong performance raised expectations for IBM, and a good report with a few small flaws […]
VICI Properties (VICI): VICI reported its typically boring quarter with results in line to slightly better than street expectations. Boring is exactly what we like about VICI. As a landlord to the nation’s two leading gaming companies, Caesars and MGM, VICI’s business model is highly predictable. The company collects rents with built-in escalators. Beyond the […]
Due to Steve’s travel schedule, we are going to try something new this quarter with our quarterly blog updates on individual stocks held widely in Northlake accounts. Rather than publish a separate commentary on each stock, we are going to produce two or three updates with each containing comments on several stocks. This will result […]
Sony (SONY) reported another string of good quarterly results for 3Q21. As was the case after each of the last two quarters, the company raised guidance for its FY21 ending March 22. Strength was seen across most of the company’s diverse businesses with the biggest upside at Pictures (movie and TV production). We still think […]
Sony (SONY) reported a second consecutive beat and raise quarter. Even after the previous quarterly report, we still thought that guidance was conservative, so we are pleased but not surprised with another step forward confirming our investment thesis. We could almost republish our last quarterly update and just add today’s date. Three months ago, we […]
Sony (SONY) reported better than expected 1Q22 earnings and raised full-year guidance. We had thought that guidance was conservative, both short-term and long-term, so the news was not surprising. It is welcome news in support of the long-term investment thesis that SONY’s individual business are deeply undervalued compared to peers with a management team that […]
When Sony reported 3Q20 results three months ago, the company sharply raised guidance for the fiscal year that ended in March. 4Q20 results met or slightly exceeded the new higher guidance. In conjunction with the latest report, Sony established a new three-year financial and strategic plan including guidance for the current quarter and fiscal year. […]
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 Image Sensors led the way. Gaming got a boost from the rollout of the PS5 console, popular new games, and continuing subscription growth. Image Sensors […]
We recently added Sony (SNE) to Northlake client accounts. In many cases, we partially paid for the investment in SNE by selling shares of ViacomCBS (VIAC). SNE is well-known for its consumer electronics products, but this is just a small part of the company. The key growth drivers are video games, music, TV and film […]
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