There are no changes to Northlake’s favored themes for December. We remain neutral on growth versus value and continue to favor mid caps. As a result, current client positions following the models in the Russell 1000 Growth (IWF), the Russell 1000 Value (IWD), and the S&P 400 Mid Cap (MDY) will be held for at […]
ViacomCBS (VIAC) reported slightly better than expected earnings for 3Q20. The good news was both advertising and cable affiliate fees came in above Wall Street expectations. Advertising was still down versus last year due to COVID impacts but -9% is a vast improvement from 2Q20 even with a boost from political spending. More impressively, cable […]
ViacomCBS (VIAC) reported better than expected results in 2Q20. Revenues were down -12% but good cost controls and some expense timing benefits led to adjusted EBITDA +8%. Free cash flow was much better than expected even after the timing benefits. Overall, the quarter showed progress for a company that has been viewed very negatively by […]
ViacomCBS (VIAC) reported more disappointing news with its 4Q19 earnings report and 2020 guidance. The stock is now down about -40% since last summer when the company first lowered its outlook. Investors had thought that management had given a conservative outlook back then but this appears to have not been the case. Management credibility is […]
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