Comcast (CMCSK) reported better than expected 1Q14 earnings. The upside came from NBC Universal, a good thing given the magnitude of the financial upside in a successful turnaround,. However, Comcast financial performance and stock sentiment is driven more by the much larger cable business. On that side of the company, results were very slightly disappointing […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-04-23 11:32:492014-04-23 11:32:49Comcast Remains a Very Best Idea
Google (GOOG) reported earnings that slightly trailed Wall Street estimates. The stock has reacted poorly even though the company did a good job explaining the quarter and spoke very confidently about the business and long-term strategy on the quarterly conference call. It is worth noting that GOOG provides very little guidance to Wall Street analysts […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-04-22 10:32:582014-04-22 10:32:58Sloppy Quarter After Stock Slide Keeps Pressure on Google
Northlake’s Style model shifted from growth to value for April. As a result, client positions in the Russell 1000 Growth index (IWF) have been sold with proceeds reinvested in the Russell 1000 Value index (IWD). There is no change in the recommendation from the Market Cap model which continues to recommend mid cap. Client positions […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-04-01 14:36:402014-04-01 14:36:40Back to Value After a False Start with Growth
Liberty Media (LMCA) reported earnings last week. As usual, the numbers were meaningless as LMCA is a collection of assets including a majority stake in Sirius XM (SIRI) and meaningful minority stakes in Live Nation (LYV), Charter Communications (CHTR), and Barnes and Noble (BKS). Each of these companies had already reported their latest earnings leaving […]
Northlake’s Style model is now recommending Growth. As a result, client positions in the Russell 1000 Value (IWD) have been sold and proceeds reinvested in the Russell 1000 Growth (IWF). The Value signal had been in place since January 1st. During this time, IWD returned about 35 basis points vs. 171 basis points for IWF, […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-03-03 12:13:572014-03-03 12:13:57Style Model Shifts to Growth
Comcast’s (CMCSK) pending purchase of Time Warner Cable (TWC) improves upon an already positive story for CMCSK shares. Assuming approval effective 1/1/2015, analysts are estimating 5-10% accretion in free cash flow per share vs. Comcast continuing as a standalone entity. Accretion emanates from synergies in operating expenses and capital expenditures, estimated by management at $1.5 […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-02-18 08:54:102014-02-18 08:54:10Comcast Purchase of Time Warner Looks Good
Liberty Global (LBTYK) reported its slowest quarterly growth of 2013 in the December quarter, with low single digit gains in revenue and operating income. The numbers were not a surprise as a difficult competitive environment in the UK and Netherlands and initial dis-synergies form the acquisition of Virgin Media in the UK held back results. […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-02-17 11:39:202014-02-17 11:39:20Liberty Global Growth Set to Accelerate
Discovery Communications (DISCK) reported results roughly in line with Wall Street estimates and provided 2014 guidance just a little below expectations. Estimates for the December quarter and 2014 had been falling recently as DISCK’s leading U.S. networks, Discovery and TLC, had a rough patch of lower ratings. The stock has performed poorly during this period […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-02-17 10:51:382014-02-17 10:51:38Discovery Communications: Bottoming Out After a Rough Stretch
CBS reported another healthy quarter and provided reassuring commentary on the near-term and long-term outlook. Revenues grew 6% and segment level operating cash flow grew 7%, both ahead of expectations. Advertising at the CBS Network grew 4%, better than feared given concerns over ad demand and pricing that arose following the government shutdown. Management noted […]
Disney (DIS) reported better than expected first quarter results with all divisions except ABC performing ahead of Wall Street estimates. EPS of $1.04 exceeded street consensus of 91 cents with over half the beat coming from operating factors. DIS faces a few quarters of tougher comparisons and slower growth but investor sentiment should stay very […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2014-02-09 18:10:152014-02-09 18:10:15Disney All Good with More to Come
Comcast Remains a Very Best Idea
Comcast (CMCSK) reported better than expected 1Q14 earnings. The upside came from NBC Universal, a good thing given the magnitude of the financial upside in a successful turnaround,. However, Comcast financial performance and stock sentiment is driven more by the much larger cable business. On that side of the company, results were very slightly disappointing […]
Sloppy Quarter After Stock Slide Keeps Pressure on Google
Google (GOOG) reported earnings that slightly trailed Wall Street estimates. The stock has reacted poorly even though the company did a good job explaining the quarter and spoke very confidently about the business and long-term strategy on the quarterly conference call. It is worth noting that GOOG provides very little guidance to Wall Street analysts […]
Back to Value After a False Start with Growth
Northlake’s Style model shifted from growth to value for April. As a result, client positions in the Russell 1000 Growth index (IWF) have been sold with proceeds reinvested in the Russell 1000 Value index (IWD). There is no change in the recommendation from the Market Cap model which continues to recommend mid cap. Client positions […]
Liberty in Limbo
Liberty Media (LMCA) reported earnings last week. As usual, the numbers were meaningless as LMCA is a collection of assets including a majority stake in Sirius XM (SIRI) and meaningful minority stakes in Live Nation (LYV), Charter Communications (CHTR), and Barnes and Noble (BKS). Each of these companies had already reported their latest earnings leaving […]
Style Model Shifts to Growth
Northlake’s Style model is now recommending Growth. As a result, client positions in the Russell 1000 Value (IWD) have been sold and proceeds reinvested in the Russell 1000 Growth (IWF). The Value signal had been in place since January 1st. During this time, IWD returned about 35 basis points vs. 171 basis points for IWF, […]
Comcast Purchase of Time Warner Looks Good
Comcast’s (CMCSK) pending purchase of Time Warner Cable (TWC) improves upon an already positive story for CMCSK shares. Assuming approval effective 1/1/2015, analysts are estimating 5-10% accretion in free cash flow per share vs. Comcast continuing as a standalone entity. Accretion emanates from synergies in operating expenses and capital expenditures, estimated by management at $1.5 […]
Liberty Global Growth Set to Accelerate
Liberty Global (LBTYK) reported its slowest quarterly growth of 2013 in the December quarter, with low single digit gains in revenue and operating income. The numbers were not a surprise as a difficult competitive environment in the UK and Netherlands and initial dis-synergies form the acquisition of Virgin Media in the UK held back results. […]
Discovery Communications: Bottoming Out After a Rough Stretch
Discovery Communications (DISCK) reported results roughly in line with Wall Street estimates and provided 2014 guidance just a little below expectations. Estimates for the December quarter and 2014 had been falling recently as DISCK’s leading U.S. networks, Discovery and TLC, had a rough patch of lower ratings. The stock has performed poorly during this period […]
CBS Keeping Its Bullish Eye
CBS reported another healthy quarter and provided reassuring commentary on the near-term and long-term outlook. Revenues grew 6% and segment level operating cash flow grew 7%, both ahead of expectations. Advertising at the CBS Network grew 4%, better than feared given concerns over ad demand and pricing that arose following the government shutdown. Management noted […]
Disney All Good with More to Come
Disney (DIS) reported better than expected first quarter results with all divisions except ABC performing ahead of Wall Street estimates. EPS of $1.04 exceeded street consensus of 91 cents with over half the beat coming from operating factors. DIS faces a few quarters of tougher comparisons and slower growth but investor sentiment should stay very […]