Comcast (CMCSA) reported another steady growth quarter with revenues up 9%, operating cash flow up 8%, EPS up 10%, and free cash flow up 64%. Despite emerging completion form internet delivered skinny bundles such as DirecTV Now and Sling, the core cable business remains healthy. During the fourth quarter, cable revenues rose 7% led by […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-03 20:34:002026-03-17 16:52:29Steady As She Goes at Blue Chip Comcast
Facebook (FB) reported another strong set of earnings, again beating the high bar set by Wall Street estimates. Revenues grew 51% ahead of expectations in the high 40% range. Mobile ad growth continues to lead the way, up 61%, and now accounting for 84% of total revenue. Profitability also exceeded expectations with GAAP margins of […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-02 18:20:262026-03-17 16:52:29Another Good Quarter But Facebook Range Bound for Near-Term
Apple reported a good holiday quarter relative to muted expectations. The company got back on a growth track, albeit modest, after three straight quarters of declining revenue and iPhone shipments. With revenues up 3%, EPS up 2%, and iPhone shipments up 5%, Apple is no longer the growth stock we once knew. But it does […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-01 19:32:162026-03-17 16:52:29Good Quarter vs Low Expectations Clears Deck for Apple Until iPhone 8
There are no changes to Northlake’s model signals for February. For the second consecutive month, the Market Cap model favors small caps and the Style model favors small cap value. As a result, client positions in the Russell 2000 (IWM) and the Russell 2000 Value (IWN) will be maintained at least through February. The Market […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-02-01 16:50:382026-03-17 16:52:29Small Caps and Value for Feb as Market Consolidates
Alphabet (GOOGL) reported good fourth quarter and full year results to close out 2016. GOOGL beat sales estimates, but missed EPS targets due to a one-time equipment write-off and a higher than expected tax rate. The core Search business continued to perform well, with paid clicks growing 36% year-over-year compared to estimates of 27% growth. […]
In Northlake’s yearend letter, we stated “Admittedly, we have been too patient with ClubCorp. However, with oil prices rebounding and golf rounds played rising for the first time in several years, we feel if the stock is going to work it should do so as we approach the 2017 golf season.” Lo and behold, it […]
Both of Northlake’s models changed signals to begin 2017. The Market Cap model is now recommending small cap after spending eight months at mid cap. The Style model is still recommending value but as a result of the new small cap signal, value exposure will shift from large cap value to small cap value. The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2017-01-03 19:17:372026-03-17 16:52:29Change to Begin 2017 for Northlake’s Models
Northlake’s Style model moved decisively to value for December reflecting the “Trump Trade” that has dominated the stock market since Election Day. Northlake client accounts will sell all holdings in the Russell 1000 Growth (IWF) with proceeds being fully reinvested into the Russell 1000 Value (IWD). The Market Cap model remains firmly in mid cap […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2016-12-01 16:03:362026-03-17 16:52:29Back to Value as Trump Trade Bites
Disney (DIS) reported FY2016 results with sales and earnings modestly below expectations. While the results were slightly underwhelming, investors were more focused on the outlook for 2017 and beyond. Although DIS faces difficult comparisons next year, due largely to year ago strength in Frozen consumer products and Star Wars: Episode VII box office receipts, we […]
Liberty Media and Liberty Sirius reported earnings and held their annual analyst meetings last week. We attended the analyst meeting, one of our favorite events of the year given Liberty’s broad reach into the world of media and communications that is a focus of our investment strategy, The big news at Liberty Media has been […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2016-11-12 20:44:362026-03-17 16:52:29On Track But Not Much Fresh News at Liberty Media and Liberty Sirius
Steady As She Goes at Blue Chip Comcast
Comcast (CMCSA) reported another steady growth quarter with revenues up 9%, operating cash flow up 8%, EPS up 10%, and free cash flow up 64%. Despite emerging completion form internet delivered skinny bundles such as DirecTV Now and Sling, the core cable business remains healthy. During the fourth quarter, cable revenues rose 7% led by […]
Another Good Quarter But Facebook Range Bound for Near-Term
Facebook (FB) reported another strong set of earnings, again beating the high bar set by Wall Street estimates. Revenues grew 51% ahead of expectations in the high 40% range. Mobile ad growth continues to lead the way, up 61%, and now accounting for 84% of total revenue. Profitability also exceeded expectations with GAAP margins of […]
Good Quarter vs Low Expectations Clears Deck for Apple Until iPhone 8
Apple reported a good holiday quarter relative to muted expectations. The company got back on a growth track, albeit modest, after three straight quarters of declining revenue and iPhone shipments. With revenues up 3%, EPS up 2%, and iPhone shipments up 5%, Apple is no longer the growth stock we once knew. But it does […]
Small Caps and Value for Feb as Market Consolidates
There are no changes to Northlake’s model signals for February. For the second consecutive month, the Market Cap model favors small caps and the Style model favors small cap value. As a result, client positions in the Russell 2000 (IWM) and the Russell 2000 Value (IWN) will be maintained at least through February. The Market […]
Disciplined Growth Continues at Alphabet
Alphabet (GOOGL) reported good fourth quarter and full year results to close out 2016. GOOGL beat sales estimates, but missed EPS targets due to a one-time equipment write-off and a higher than expected tax rate. The core Search business continued to perform well, with paid clicks growing 36% year-over-year compared to estimates of 27% growth. […]
Selling ClubCorp as it Explores Stategic Alternatives
In Northlake’s yearend letter, we stated “Admittedly, we have been too patient with ClubCorp. However, with oil prices rebounding and golf rounds played rising for the first time in several years, we feel if the stock is going to work it should do so as we approach the 2017 golf season.” Lo and behold, it […]
Change to Begin 2017 for Northlake’s Models
Both of Northlake’s models changed signals to begin 2017. The Market Cap model is now recommending small cap after spending eight months at mid cap. The Style model is still recommending value but as a result of the new small cap signal, value exposure will shift from large cap value to small cap value. The […]
Back to Value as Trump Trade Bites
Northlake’s Style model moved decisively to value for December reflecting the “Trump Trade” that has dominated the stock market since Election Day. Northlake client accounts will sell all holdings in the Russell 1000 Growth (IWF) with proceeds being fully reinvested into the Russell 1000 Value (IWD). The Market Cap model remains firmly in mid cap […]
Disney Outlines Expectations for 2017 and Beyond
Disney (DIS) reported FY2016 results with sales and earnings modestly below expectations. While the results were slightly underwhelming, investors were more focused on the outlook for 2017 and beyond. Although DIS faces difficult comparisons next year, due largely to year ago strength in Frozen consumer products and Star Wars: Episode VII box office receipts, we […]
On Track But Not Much Fresh News at Liberty Media and Liberty Sirius
Liberty Media and Liberty Sirius reported earnings and held their annual analyst meetings last week. We attended the analyst meeting, one of our favorite events of the year given Liberty’s broad reach into the world of media and communications that is a focus of our investment strategy, The big news at Liberty Media has been […]