IBM (IBM): IBM reported mixed 4Q22 results that were not good enough to support the stock in the near-term or bad enough to derail Northlake’s bullish long-term thesis. Revenue came in above expectations, which for us is the key component in the bull case. IBM has not shown consistent growth for a long time. The […]
IBM (IBM): IBM reported good results in a tough macro environment, further increasing our confidence in the transformation underway at the company. Revenue and EPS exceeded expectations with strength across all segments of the company. Management raised 2022 revenue guidance and maintained free cash flow guidance. The only real negative in the quarter and outlook […]
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 […]
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 […]
We are calling an audible on our 2021 purchase of AT&T (T). We have sold the shares and reinvested the proceeds into T Mobile USA (TMUS). We still see value in T shares. However, we see more upside in TMUS. Furthermore, we see the TMUS story playing out over a multiyear period vs. AT&T being […]
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