Northlake has been monitoring IBM for some time in anticipation of an inflection point in the company’s revenue growth and margin profile. We purchased the shares last quarter thinking that the 3Q19 and 2H19 would provide the inflection and lead to a higher P-E multiple for the shares. At our entry point and currently IBM […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2019-10-17 16:00:202019-10-17 16:00:20Inflection Delayed But IBM Still Has Upside
There are no changes to recommendations of Northlake’s Market Cap and Style models for October. The Market Cap model favors large cap for a second consecutive month after six prior months recommending mid cap. The growth signal that has been in place since the beginning of 2019 remains for another month. With no changes to […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2019-10-01 18:28:502019-10-01 18:28:50Large Cap and Growth Still Looking Good
After six months recommending mid cap, Northlake’s Market Cap model has shifted to a large cap signal. Current client positions following the model and held in the S&P 400 Mid Cap (MDY) will be sold and the proceeds will be reinvested in the S&P 500 (SPY). Some clients will continue to own mid cap via […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2019-09-03 14:04:322019-09-03 14:04:32Back to Large Cap and Sticking with Growth Amid Uncertain Economic Outlook
Activision Blizzard (ATVI) reported 2Q19 results that were overall slightly better than expected. Guidance for 3Q19 was underwhelming from the typically conservative management team, but 2019 guidance and expectations were largely unchanged. The current quarter faces a difficult comparison to last year, when ATVI benefitted from a strong contribution from the Destiny franchise that is […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Tim Fodorhttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifTim Fodor2019-08-14 17:08:462019-08-14 17:08:46Activision Blizzard Proceeding Through Transition Year
We have held off for a few days writing up the 2Q19 earnings report from CBS. It appears the company will finally announce its merger with Viacom and we wanted to wait and cover both events in one post. The merger has been in the works in one form or another for several years. Deal […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2019-08-12 14:30:142019-08-12 14:30:14CBS In Line as Viacom Merger Looms
Nexstar Media Group (NXST) reported 2Q results very slightly below consensus estimates. All guidance was reiterated. The company guides based on average 2018 and 2019 results given the highly cyclical nature of revenues due to political and Olympic advertising only occurring in even years. Management is careful about guidance and admitted on the call that […]
In last quarter’s review of Disney (DIS), we noted that “Over the next six months, Disney investors have little to worry about.” We also discussed how we enjoyed the earnings call because it was mostly about operating fundamentals of the company’s core business with less focus on the upcoming Disney+ launch. At the time, we […]
When Northlake began in 2004, our strategy was to combine investments in broad market indices, thematic market indices, and individual stocks with adjustments for individual clients based upon their unique goals objectives and tolerance for risk. This strategy remains in place today with a slight modification to the approach for individual stocks. Back at the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2019-08-07 20:17:062019-08-07 20:17:06Buying IBM as Strategy Shift Begins to Pay Off
There are no changes to the latest signals from the Mid Cap and Large Cap Growth signals from Northlake’s Market Cap and Style model. As a result, for at least one more month, client positions following the models will continue to be invested in the S&P 400 Mid Cap (MDY) and either the Russell 1000 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2019-08-01 13:47:382019-08-01 13:47:38Stability Continues As Models Favor Mid Cap and Growth
Apple (AAPL) reported in line 3Q19 results and released guidance for 3Q19 that is ahead of expectations. It is worth noting that revenues grew just 1% vs the year ago quarter and operating income fell -8.5%. Guidance calls for similar growth rates next quarter. The stock is trading up about 4% to its highest level […]
Inflection Delayed But IBM Still Has Upside
Northlake has been monitoring IBM for some time in anticipation of an inflection point in the company’s revenue growth and margin profile. We purchased the shares last quarter thinking that the 3Q19 and 2H19 would provide the inflection and lead to a higher P-E multiple for the shares. At our entry point and currently IBM […]
Large Cap and Growth Still Looking Good
There are no changes to recommendations of Northlake’s Market Cap and Style models for October. The Market Cap model favors large cap for a second consecutive month after six prior months recommending mid cap. The growth signal that has been in place since the beginning of 2019 remains for another month. With no changes to […]
Back to Large Cap and Sticking with Growth Amid Uncertain Economic Outlook
After six months recommending mid cap, Northlake’s Market Cap model has shifted to a large cap signal. Current client positions following the model and held in the S&P 400 Mid Cap (MDY) will be sold and the proceeds will be reinvested in the S&P 500 (SPY). Some clients will continue to own mid cap via […]
Activision Blizzard Proceeding Through Transition Year
Activision Blizzard (ATVI) reported 2Q19 results that were overall slightly better than expected. Guidance for 3Q19 was underwhelming from the typically conservative management team, but 2019 guidance and expectations were largely unchanged. The current quarter faces a difficult comparison to last year, when ATVI benefitted from a strong contribution from the Destiny franchise that is […]
CBS In Line as Viacom Merger Looms
We have held off for a few days writing up the 2Q19 earnings report from CBS. It appears the company will finally announce its merger with Viacom and we wanted to wait and cover both events in one post. The merger has been in the works in one form or another for several years. Deal […]
Nexstar Poised for Acquisition Catalyst
Nexstar Media Group (NXST) reported 2Q results very slightly below consensus estimates. All guidance was reiterated. The company guides based on average 2018 and 2019 results given the highly cyclical nature of revenues due to political and Olympic advertising only occurring in even years. Management is careful about guidance and admitted on the call that […]
Disney’s Ride to the Future Encounters Turbulence
In last quarter’s review of Disney (DIS), we noted that “Over the next six months, Disney investors have little to worry about.” We also discussed how we enjoyed the earnings call because it was mostly about operating fundamentals of the company’s core business with less focus on the upcoming Disney+ launch. At the time, we […]
Buying IBM as Strategy Shift Begins to Pay Off
When Northlake began in 2004, our strategy was to combine investments in broad market indices, thematic market indices, and individual stocks with adjustments for individual clients based upon their unique goals objectives and tolerance for risk. This strategy remains in place today with a slight modification to the approach for individual stocks. Back at the […]
Stability Continues As Models Favor Mid Cap and Growth
There are no changes to the latest signals from the Mid Cap and Large Cap Growth signals from Northlake’s Market Cap and Style model. As a result, for at least one more month, client positions following the models will continue to be invested in the S&P 400 Mid Cap (MDY) and either the Russell 1000 […]
Apple’s Positive Guidance Provides Bridge to 5G Driven Growth
Apple (AAPL) reported in line 3Q19 results and released guidance for 3Q19 that is ahead of expectations. It is worth noting that revenues grew just 1% vs the year ago quarter and operating income fell -8.5%. Guidance calls for similar growth rates next quarter. The stock is trading up about 4% to its highest level […]