CBS reported another excellent quarter, showing solid growth even against tough comparisons and declining ratings at the flagship CBS Network. Revenues grew 6%, slightly ahead of expectations. Excellent cost controls and a positive mix shift led to a 15% gain in adjusted operating cash flow, the most important financial measure for media investors. Extremely aggressive […]
Despite reporting results largely in line with estimates and slightly raising full year guidance, Qualcomm (QCOM) shares traded down sharply following its earnings report. Investors were disappointed with margins, especially looking ahead to next quarter when the company expects them to remain under modest pressure. The margin guidance led to June quarter EPS being forecast […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-05-02 09:28:562013-05-02 09:28:56Qualcomm Raises Concerns But Story Intact
EMC Corporation reported first quarter 2013 revenue and EPS just barely below street estimates. Revenue of $5.39 million was just below the $5.43 billion estimate. EPS of 39 cents was a penny below estimates. Growth in revenue and EPS was 6% and 5%, respectively. Against recent reports from IBM and other companies serving very large […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-04-24 13:15:032013-04-24 13:15:03EMC Results Better Than Peers But Patience Has Run Out
Apple reported its second quarter 2013 earnings at the high end of expectations and guidance. However, the real news surrounded the company’s guidance for the next quarter, commentary on future product introductions, and a large increase in the company’s capital allocation program to return cash to shareholders. For the near-term, I see these factors in […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-04-24 09:58:252013-04-24 09:58:25Apple: Complete Reset of Expectations Could Mark The Bottom
Google reported solid first quarter 2013 earnings with most important financial and product metrics tracking very close to expectations. With the stock off 10% from its 2013 and all-time high going into the report, the results were good enough to relieve the pressure. The shares are now up 7% off their April lows but remain […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-04-24 09:53:382013-04-24 09:53:38Another Solid Quarter From Google Supports Bull Case
After several months with one or both models changing signals, the April signals showed stability. For the second consecutive month, the Market Cap model is recommending small cap and the Style model is recommending value. The small cap signal remains borderline but the value signal has moved into strong territory. This suggests that value will […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-04-01 09:15:502013-04-01 09:15:50Models Stabilize Favoring Small Cap and Value
Northlake’s models continue to send volatile signals. Just a month after the unusual occurrence of both the Market Cap and Style model shifting their signals, it happened again for March. The new signals favor small cap and value. As a result, client positions dedicated to the models were adjusted. The S&P 400 Mid CAP (MDY) […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-03-01 14:00:072013-03-01 14:00:07Model Volatility Continues with Small Cap and Value Now Favored
Liberty Global (LBTYK) reported another excellent quarter with continued rapid growth in cable, broadband, and telephone subscriptions and accelerating growth in financial metrics. This news was expected. What was not expected was the company’s acquisition of Virgin Media (VMED). LBTYK is a very acquisitive company but expectations for the next big merger were focused on […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-02-20 13:06:122013-02-20 13:06:12Liberty Global Growth Overshadowed by Acquisition of Virgin Media
CBS and Discovery Communications (DISCK) each reported mixed 4Q12 results compared to expectations but provided positive guidance for 2013. I think both stocks offer further upside with the caveat being that each company’s results are sensitive to consumer spending trends via their exposure to advertising. With worries about the consumer on the rise due to […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-02-20 12:31:132013-02-20 12:31:132013 Outlooks Bullish for CBS and Discovery Communications
I just completed a swap of all Northlake client positions in Charter Communications (CHTR) into Walt Disney (DIS). CHTR shares have been strong the last few days on takeover rumors. The stock had fallen sharply last week after Time Warner Cable (TWC) announced poor earnings and guidance. GHTR takeover rumors appeared before the Liberty Global […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2013-02-07 10:39:312013-02-07 10:39:31Selling Charter and Buying Disney
CBS Delivers Another Quarter, More Upside Lies Ahead
CBS reported another excellent quarter, showing solid growth even against tough comparisons and declining ratings at the flagship CBS Network. Revenues grew 6%, slightly ahead of expectations. Excellent cost controls and a positive mix shift led to a 15% gain in adjusted operating cash flow, the most important financial measure for media investors. Extremely aggressive […]
Qualcomm Raises Concerns But Story Intact
Despite reporting results largely in line with estimates and slightly raising full year guidance, Qualcomm (QCOM) shares traded down sharply following its earnings report. Investors were disappointed with margins, especially looking ahead to next quarter when the company expects them to remain under modest pressure. The margin guidance led to June quarter EPS being forecast […]
EMC Results Better Than Peers But Patience Has Run Out
EMC Corporation reported first quarter 2013 revenue and EPS just barely below street estimates. Revenue of $5.39 million was just below the $5.43 billion estimate. EPS of 39 cents was a penny below estimates. Growth in revenue and EPS was 6% and 5%, respectively. Against recent reports from IBM and other companies serving very large […]
Apple: Complete Reset of Expectations Could Mark The Bottom
Apple reported its second quarter 2013 earnings at the high end of expectations and guidance. However, the real news surrounded the company’s guidance for the next quarter, commentary on future product introductions, and a large increase in the company’s capital allocation program to return cash to shareholders. For the near-term, I see these factors in […]
Another Solid Quarter From Google Supports Bull Case
Google reported solid first quarter 2013 earnings with most important financial and product metrics tracking very close to expectations. With the stock off 10% from its 2013 and all-time high going into the report, the results were good enough to relieve the pressure. The shares are now up 7% off their April lows but remain […]
Models Stabilize Favoring Small Cap and Value
After several months with one or both models changing signals, the April signals showed stability. For the second consecutive month, the Market Cap model is recommending small cap and the Style model is recommending value. The small cap signal remains borderline but the value signal has moved into strong territory. This suggests that value will […]
Model Volatility Continues with Small Cap and Value Now Favored
Northlake’s models continue to send volatile signals. Just a month after the unusual occurrence of both the Market Cap and Style model shifting their signals, it happened again for March. The new signals favor small cap and value. As a result, client positions dedicated to the models were adjusted. The S&P 400 Mid CAP (MDY) […]
Liberty Global Growth Overshadowed by Acquisition of Virgin Media
Liberty Global (LBTYK) reported another excellent quarter with continued rapid growth in cable, broadband, and telephone subscriptions and accelerating growth in financial metrics. This news was expected. What was not expected was the company’s acquisition of Virgin Media (VMED). LBTYK is a very acquisitive company but expectations for the next big merger were focused on […]
2013 Outlooks Bullish for CBS and Discovery Communications
CBS and Discovery Communications (DISCK) each reported mixed 4Q12 results compared to expectations but provided positive guidance for 2013. I think both stocks offer further upside with the caveat being that each company’s results are sensitive to consumer spending trends via their exposure to advertising. With worries about the consumer on the rise due to […]
Selling Charter and Buying Disney
I just completed a swap of all Northlake client positions in Charter Communications (CHTR) into Walt Disney (DIS). CHTR shares have been strong the last few days on takeover rumors. The stock had fallen sharply last week after Time Warner Cable (TWC) announced poor earnings and guidance. GHTR takeover rumors appeared before the Liberty Global […]