Comcast (CMCSA) reported an inline quarter with upside in the closely watched video and broadband subscriber metrics. Consolidated revenues grew 4% and adjusted EBITDA was flat after taking into account $171mm in employee bonuses related to tax reform. The cable business grew revenues 3% and adjusted EBITDA 4% as margins expanded. NBC Universal had 4% […]
Northlake’s Market Cap model shifted from small cap to mid cap to start 2018. The Style model still recommends growth although the underlying indicators shifted strongly toward value. The new mid cap signal shifts the Style model from small cap growth to large growth since the Style model will only be in small cap mode […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2018-01-02 16:25:322026-03-17 16:51:50Shifting Away from Small Caps to Begin 2018
Activision Blizzard (ATVI) reported better-than-expected top and bottom line 3Q17 results. The strong quarter flowed through to increases in 2017 sales and earnings guidance. Important game launches including Destiny 2 and Call of Duty:WWII appear to have gone well so far. Other key franchises such as Hearthstone, World of Warcraft, and Candy Crush continue to […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Tim Fodorhttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifTim Fodor2017-12-06 19:25:272026-03-17 16:52:00Activision Blizzard Experiences Step Change in Shift to Digital
There are no changes to the recommendations from Northlake’s Market Cap and Style models for December. The Market Cap model remains on a small cap signal for the second consecutive month and the Style model favors growth for the third consecutive month. The signals from both models strengthened slightly for December. Client positions following the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-12-01 18:23:482026-03-17 16:52:00Sticking With Small Cap and Small Cap Growth To Yearend
During November, Liberty Media reported third quarter earnings and hosted its annual analyst meeting. A portion of the Northlake client base owns stock in companies controlled by Liberty Media including Formula One Group (FWONA/FOWNK) and Liberty Sirius (LSXMA/LSXMK). Liberty regularly creates tracking stocks or spins off companies they control. We have gradually sold off many […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-11-27 16:04:102026-03-17 16:52:00Liberty Media Third Quarter Review
Third quarter results at MGM Resorts International (MGM) were above expectations, largely due to a boost from two massively popular boxing events during the prior three months. MGM also benefited from slightly above average luck on gaming profits. The strong results were offset by disappointing guidance for the fourth quarter after MGM experienced elevated reservation […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Tim Fodorhttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifTim Fodor2017-11-10 21:27:552026-03-17 16:52:00MGM Resorts Overcoming Short Term Pain for Long Term Gain
Facebook (FB) reported very strong 3Q17 results with both sales and earnings substantially better than expected, largely driven by lower than expected expenses for the second straight quarter. The company has now spent less than their initial annual expense guidance for the past two years, demonstrating operational discipline even while investing for growth. FB noted […]
TV stocks have had a good rally in the past week for the first time since May. Among Northlake positions, this includes Disney (DIS), CBS Corporation (CBS), and Nexstar Media Group (NXST). Each has rallied between 5-10% off of at or near 2017 lows. The challenges facing TV have metastasized this year. The issues are […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-11-10 21:25:362026-03-17 16:52:00Is the Bottom In for TV Stocks?
We have been wrong on Liberty Global (LBTYK) for more than two years. The shares peaked at over $50 in 2015 and now sit at $30. The $50 price was fed by takeover speculation but even so the shares have vastly underperformed a bull market. The shares have still returned over 50% from our original […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-11-06 20:26:102026-03-17 16:52:00Further Improvement at Liberty Global
Apple (AAPL) reported good September quarter earnings driven by better than expected revenue everywhere but iPhones. Profit margins were a little light driven by the mix shift away from iPhones. A lower tax rate assisted the revenue upside to produce EPS about 10% ahead of consensus estimates. The critically important guidance for the holiday quarter […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-11-06 19:10:172026-03-17 16:52:00Accelerating Growth at Apple
Comcast Reality Ahead of Fears
Comcast (CMCSA) reported an inline quarter with upside in the closely watched video and broadband subscriber metrics. Consolidated revenues grew 4% and adjusted EBITDA was flat after taking into account $171mm in employee bonuses related to tax reform. The cable business grew revenues 3% and adjusted EBITDA 4% as margins expanded. NBC Universal had 4% […]
Shifting Away from Small Caps to Begin 2018
Northlake’s Market Cap model shifted from small cap to mid cap to start 2018. The Style model still recommends growth although the underlying indicators shifted strongly toward value. The new mid cap signal shifts the Style model from small cap growth to large growth since the Style model will only be in small cap mode […]
Activision Blizzard Experiences Step Change in Shift to Digital
Activision Blizzard (ATVI) reported better-than-expected top and bottom line 3Q17 results. The strong quarter flowed through to increases in 2017 sales and earnings guidance. Important game launches including Destiny 2 and Call of Duty:WWII appear to have gone well so far. Other key franchises such as Hearthstone, World of Warcraft, and Candy Crush continue to […]
Sticking With Small Cap and Small Cap Growth To Yearend
There are no changes to the recommendations from Northlake’s Market Cap and Style models for December. The Market Cap model remains on a small cap signal for the second consecutive month and the Style model favors growth for the third consecutive month. The signals from both models strengthened slightly for December. Client positions following the […]
Liberty Media Third Quarter Review
During November, Liberty Media reported third quarter earnings and hosted its annual analyst meeting. A portion of the Northlake client base owns stock in companies controlled by Liberty Media including Formula One Group (FWONA/FOWNK) and Liberty Sirius (LSXMA/LSXMK). Liberty regularly creates tracking stocks or spins off companies they control. We have gradually sold off many […]
MGM Resorts Overcoming Short Term Pain for Long Term Gain
Third quarter results at MGM Resorts International (MGM) were above expectations, largely due to a boost from two massively popular boxing events during the prior three months. MGM also benefited from slightly above average luck on gaming profits. The strong results were offset by disappointing guidance for the fourth quarter after MGM experienced elevated reservation […]
Facebook Demonstrates Continued Expense Discipline and Rapid Growth
Facebook (FB) reported very strong 3Q17 results with both sales and earnings substantially better than expected, largely driven by lower than expected expenses for the second straight quarter. The company has now spent less than their initial annual expense guidance for the past two years, demonstrating operational discipline even while investing for growth. FB noted […]
Is the Bottom In for TV Stocks?
TV stocks have had a good rally in the past week for the first time since May. Among Northlake positions, this includes Disney (DIS), CBS Corporation (CBS), and Nexstar Media Group (NXST). Each has rallied between 5-10% off of at or near 2017 lows. The challenges facing TV have metastasized this year. The issues are […]
Further Improvement at Liberty Global
We have been wrong on Liberty Global (LBTYK) for more than two years. The shares peaked at over $50 in 2015 and now sit at $30. The $50 price was fed by takeover speculation but even so the shares have vastly underperformed a bull market. The shares have still returned over 50% from our original […]
Accelerating Growth at Apple
Apple (AAPL) reported good September quarter earnings driven by better than expected revenue everywhere but iPhones. Profit margins were a little light driven by the mix shift away from iPhones. A lower tax rate assisted the revenue upside to produce EPS about 10% ahead of consensus estimates. The critically important guidance for the holiday quarter […]