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 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-08-24 19:06:452026-03-17 16:49:54Execution and Sentiment Improving at ViacomCBS
Home Depot shares are up about 50% since Northlake purchased them for clients in March. This is far beyond what we expected at the time. This also explains why the stock has sold off about -4% since reporting fantastic 2Q20 earnings. We have often discussed how in the short term stocks trade based on expectations. […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-08-21 16:48:542026-03-17 16:49:54Sticking With Home Depot As Consumers Spruce Up The Homes They Are Stuck In
Nexstar Media Group (NXST) reported better than expected results in 2Q20 across revenue, EBITDA, and FCF. The stock initially rallied sharply as would be expected but other traditional media companies that reported over the past 24 hours had lesser results and that eventually caught up with NXST and the shares traded down -4% which amazingly […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-08-07 00:20:012026-03-17 16:50:08Nexstar Reports Better than Expected Ahead of Political Tidal Wave
Disney had a truly awful quarter. But the stock is up 10% today! Investors have chosen to look past the pandemic’s devastating impact on theme parks, ESPN (no live sports last quarter), and inability to release blockbuster films. Instead, the focus is on the continuing massive success (as measured by subscribers) of Disney+ and newly […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-08-05 19:34:342026-03-17 16:50:08Disney Pivot to Digital Accelerates
There are no changes to the signals from Northlake’s Market Cap and Style models for August. Last month, we shifted to small caps and small cap growth and these signals remain in place. Client positions following the models will remain invested in the Russell 2000 (IWM) and the Russell 1000 Growth (IWO) for at least […]
Facebook (FB) reported a stronger than expected 2Q20 driven by large increases in engagement across its family of properties. Social apps like Facebook and Instagram have seen a huge boost in usage during the pandemic as people stuck at home looked for social interaction. Higher engagement led to more ads being delivered, which overcame a […]
Alphabet (GOOG/GOOGL) reported a good quarter relative to expectations but saw more mixed fundamental trends than the other tech giants including its closest peer, Facebook. There was nothing wrong with GOOG’s quarter but it paled in comparison to blowouts reported by Amazon, Apple, and Facebook and this led to a modest sell off of about […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-08-03 13:57:022026-03-17 16:50:08Alphabet Solid Q But Less Upside Than Peer Megacap Tech
Apple reported a surprisingly robust quarter, beating expectations across the board. Revenues grew 11% vs a year ago, the best growth rate in almost two years. Margins rose modestly, which accompanied by continued share buybacks, allowed EPS to grow by 18%. The source of strength was broad. The small form factor, lower price iPhone SE […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-07-31 18:36:552026-03-17 16:50:08Apple SEes A Surge Ahead of 5G Cycle
“Comcast’s 1Q20 2Q20 earnings report and conference call exposed sharp differences of how the COVID crisis is impacting the company’s three business segments. Already positive trends in the core cable business are getting a boost. NBC Universal and Sky, however, are in the direct path of the virus with little visibility for the pace or […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-07-30 16:15:562026-03-17 16:50:08Broadband Continues to Drive and Save Comcast
IBM reported modestly better than expected earnings against lowered, pandemic-impacted expectations. Revenue and EPS both fell year-over-year as growth in cloud-related business lines (including Red Hat) could not overcome secular decline in legacy software and hardware business and cyclical impacts from the pandemic. Importantly, we continue to see green shoots in IBM’s transition toward cloud […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2020-07-21 17:40:422026-03-17 16:50:08Green Shoots for IBM Amid Legacy and Pandemic Challenges
Execution and Sentiment Improving at ViacomCBS
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 […]
Sticking With Home Depot As Consumers Spruce Up The Homes They Are Stuck In
Home Depot shares are up about 50% since Northlake purchased them for clients in March. This is far beyond what we expected at the time. This also explains why the stock has sold off about -4% since reporting fantastic 2Q20 earnings. We have often discussed how in the short term stocks trade based on expectations. […]
Nexstar Reports Better than Expected Ahead of Political Tidal Wave
Nexstar Media Group (NXST) reported better than expected results in 2Q20 across revenue, EBITDA, and FCF. The stock initially rallied sharply as would be expected but other traditional media companies that reported over the past 24 hours had lesser results and that eventually caught up with NXST and the shares traded down -4% which amazingly […]
Disney Pivot to Digital Accelerates
Disney had a truly awful quarter. But the stock is up 10% today! Investors have chosen to look past the pandemic’s devastating impact on theme parks, ESPN (no live sports last quarter), and inability to release blockbuster films. Instead, the focus is on the continuing massive success (as measured by subscribers) of Disney+ and newly […]
Still Expecting Rotation Toward Small Caps
There are no changes to the signals from Northlake’s Market Cap and Style models for August. Last month, we shifted to small caps and small cap growth and these signals remain in place. Client positions following the models will remain invested in the Russell 2000 (IWM) and the Russell 1000 Growth (IWO) for at least […]
Facebook Boosted By Increased Engagement
Facebook (FB) reported a stronger than expected 2Q20 driven by large increases in engagement across its family of properties. Social apps like Facebook and Instagram have seen a huge boost in usage during the pandemic as people stuck at home looked for social interaction. Higher engagement led to more ads being delivered, which overcame a […]
Alphabet Solid Q But Less Upside Than Peer Megacap Tech
Alphabet (GOOG/GOOGL) reported a good quarter relative to expectations but saw more mixed fundamental trends than the other tech giants including its closest peer, Facebook. There was nothing wrong with GOOG’s quarter but it paled in comparison to blowouts reported by Amazon, Apple, and Facebook and this led to a modest sell off of about […]
Apple SEes A Surge Ahead of 5G Cycle
Apple reported a surprisingly robust quarter, beating expectations across the board. Revenues grew 11% vs a year ago, the best growth rate in almost two years. Margins rose modestly, which accompanied by continued share buybacks, allowed EPS to grow by 18%. The source of strength was broad. The small form factor, lower price iPhone SE […]
Broadband Continues to Drive and Save Comcast
“Comcast’s 1Q20 2Q20 earnings report and conference call exposed sharp differences of how the COVID crisis is impacting the company’s three business segments. Already positive trends in the core cable business are getting a boost. NBC Universal and Sky, however, are in the direct path of the virus with little visibility for the pace or […]
Green Shoots for IBM Amid Legacy and Pandemic Challenges
IBM reported modestly better than expected earnings against lowered, pandemic-impacted expectations. Revenue and EPS both fell year-over-year as growth in cloud-related business lines (including Red Hat) could not overcome secular decline in legacy software and hardware business and cyclical impacts from the pandemic. Importantly, we continue to see green shoots in IBM’s transition toward cloud […]