IBM reported disappointing 4Q20 earnings although there were positives that support Northlake’s investment thesis. EPS exceeded expectations, but the upside was due to below-the-line or non-operating items. The culprit in the quarter was revenue weakness. We are not surprised by a revenue shortfall given IBM has a lot of exposure to on-premises enterprise spending in […]
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 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-01-26 16:10:302026-03-17 16:49:39Adding Growth and Value with Sony
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 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2021-01-04 18:13:552026-03-17 16:49:53Moving to Small Caps to Begin 2021
Home Depot (HD) shares are unchanged since August including a pullback of about 5% since reporting 3Q21 earnings in November. Not much has really changed over this time frame. The stock is just consolidating the huge move off the March COVID-driven low. With the shares up from Northlake’s initial purchase at $190 to almost $300 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-12-16 16:23:112026-03-17 16:49:54Home Depot Still Building Value
Home Depot (HD) shares are unchanged since August including a pullback of about 5% since reporting 3Q21 earnings in November. Not much has really changed over this time frame. The stock is just consolidating the huge move off the March COVID-driven low. With the shares up from Northlake’s initial purchase at $190 to almost $300 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-12-16 15:56:542026-03-17 16:49:54Adding to Home Depot
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 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-12-01 19:15:572026-03-17 16:49:54Ready for the Rotation Trade
Disney (DIS) reported another quarter of massive subscriber gains for Disney+ and steady growth for the Hulu and ESPN streaming services. Subscribers for Disney+ came in at almost 74mm vs expectations of 65mm, growth of about 16mm subscribers since the end of last quarter. About half the gain came from India, where DIS charges less […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-11-16 19:45:552026-03-17 16:49:54Streaming Subscriber Growth and Vaccines Bullish for Disney
Beginning this quarter, we are adding a new blog post to cover the income-oriented stock and ETF ideas we have been increasingly using in client portfolios. Not all clients use these investments, but we have broadened their use, so we thought it would be useful to produce summary commentary each quarter. Up until 2020, most […]
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 […]
Nexstar Media Group (NXST) reported another great quarter driven by political advertising and tight management of operating expenses. Results easily exceeded recently raised consensus estimates. Throughout 2020, this has been a consistent pattern for NXST, a testament to the strength of the management team and the strategic and financial success of the acquisition of Tribune […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-11-06 21:18:542026-03-17 16:49:54Election May Be Over But Nexstar Remains A Winner
Is Bull Thesis Still Intact at IBM?
IBM reported disappointing 4Q20 earnings although there were positives that support Northlake’s investment thesis. EPS exceeded expectations, but the upside was due to below-the-line or non-operating items. The culprit in the quarter was revenue weakness. We are not surprised by a revenue shortfall given IBM has a lot of exposure to on-premises enterprise spending in […]
Adding Growth and Value with Sony
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 […]
Moving to Small Caps to Begin 2021
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 […]
Home Depot Still Building Value
Home Depot (HD) shares are unchanged since August including a pullback of about 5% since reporting 3Q21 earnings in November. Not much has really changed over this time frame. The stock is just consolidating the huge move off the March COVID-driven low. With the shares up from Northlake’s initial purchase at $190 to almost $300 […]
Adding to Home Depot
Home Depot (HD) shares are unchanged since August including a pullback of about 5% since reporting 3Q21 earnings in November. Not much has really changed over this time frame. The stock is just consolidating the huge move off the March COVID-driven low. With the shares up from Northlake’s initial purchase at $190 to almost $300 […]
Ready for the Rotation Trade
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 […]
Streaming Subscriber Growth and Vaccines Bullish for Disney
Disney (DIS) reported another quarter of massive subscriber gains for Disney+ and steady growth for the Hulu and ESPN streaming services. Subscribers for Disney+ came in at almost 74mm vs expectations of 65mm, growth of about 16mm subscribers since the end of last quarter. About half the gain came from India, where DIS charges less […]
Explaining Income Equities
Beginning this quarter, we are adding a new blog post to cover the income-oriented stock and ETF ideas we have been increasingly using in client portfolios. Not all clients use these investments, but we have broadened their use, so we thought it would be useful to produce summary commentary each quarter. Up until 2020, most […]
Is ViacomCBS Pivot to DTC Too Late?
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 […]
Election May Be Over But Nexstar Remains A Winner
Nexstar Media Group (NXST) reported another great quarter driven by political advertising and tight management of operating expenses. Results easily exceeded recently raised consensus estimates. Throughout 2020, this has been a consistent pattern for NXST, a testament to the strength of the management team and the strategic and financial success of the acquisition of Tribune […]