SONY Corporation (SONY): SONY reported a good quarter with modest beats on operating income driven by profit margins. The company passed through a portion of the beat to its full-year operating income forecast. Often companies that only pass through a portion of an earnings beat are penalized, but that usually does not apply to SONY […]
The stock market is off to a great start in 2023 in line with Northlake’s Market Outlook anticipating more volatility, avoidance of a severe recession, and positive returns in 2023. We are encouraged that our models, favored themes, and individual stocks are off to a good start. Our Market Cap model favors mid cap again […]
IBM (IBM): IBM reported mixed 4Q22 results that were not good enough to support the stock in the near-term or bad enough to derail Northlake’s bullish long-term thesis. Revenue came in above expectations, which for us is the key component in the bull case. IBM has not shown consistent growth for a long time. The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2023-02-01 17:35:242023-02-01 17:35:244Q22 Earnings Updates: Part One – IBM, TMUS, and CMCSA Sale
As we anticipated in last month’s analysis, Northlake’s Market Cap model shifted from large cap to mid cap with the latest update. The models use two-month averages to reduce signal volatility, so dropping November’s strong large cap reading in favor of January’s new small cap reading flipped the signal. Most of the shift over the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2023-01-03 19:08:422023-01-03 19:08:42Moving to Mid Cap to Start 2023
Northlake’s thematic model recommendations are unchanged for December. The Market Cap model again favors large cap after last month’s change from mid cap. The Style model begins a fifth consecutive month at neutral between growth and value. Client portfolios that use Northlake’s models will continue to own the S&P 500 (SPY) for market cap exposure, […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-12-03 05:08:002022-12-03 05:08:00Models Unchanged After November Shift to Large Cap
Sony (SONY): SONY had improved results after a couple quarters of modest downward revisions. 2Q22 earnings came in ahead of consensus, and the company raised its guidance for FY22 which ends on 3/31/23. Importantly, SONY’s games segment showed signs of stability as the post-pandemic shift in behavior that has reduced engagement appears to have runs […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-11-11 19:10:102022-11-11 19:10:103Q22 Earnings Updates: Part Two – SONY, NXST, DIS, ATVI, WMT, HD, and META Follow-Up
Northlake’s Market Cap model shifted from mid cap to large cap with the latest monthly update. The Style model sticks at neutral for the fourth consecutive month. The change to large cap is driven by technical and trend factors with external factors focused on the economy and interest rates already leaning toward large cap for […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-11-01 15:45:402022-11-01 15:45:40Back to Large Cap Ahead of Significant Market Catalysts
IBM (IBM): IBM reported good results in a tough macro environment, further increasing our confidence in the transformation underway at the company. Revenue and EPS exceeded expectations with strength across all segments of the company. Management raised 2022 revenue guidance and maintained free cash flow guidance. The only real negative in the quarter and outlook […]
Despite weak and volatile markets in September, we are sticking with our preferences for mid cap and neutrality on growth vs. value. The September decline in stock and bond markets was broad-based with little variation in performance across market cap, style, sectors, and industries. Northlake believes the market ended September oversold vs. our expectation for […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-10-03 15:28:312022-10-03 15:28:31Equity Strategy Unchanged as Bond Yields Become Attractive
Last month, we shifted our recommendations for both Market Cap and Style in our model-driven thematic strategies. We moved to neutral on growth vs. value and switched from large cap to mid cap for Market Cap. These changes were recommended by our models and consistent with our views on the market outlook over the next […]
4Q22 Earnings Updates: Part Two – SONY, META, AAPL, GOOG/GOOGL, ATVI and DIS
SONY Corporation (SONY): SONY reported a good quarter with modest beats on operating income driven by profit margins. The company passed through a portion of the beat to its full-year operating income forecast. Often companies that only pass through a portion of an earnings beat are penalized, but that usually does not apply to SONY […]
January’s Market Rally Consistent with Northlake’s Favored Strategies
The stock market is off to a great start in 2023 in line with Northlake’s Market Outlook anticipating more volatility, avoidance of a severe recession, and positive returns in 2023. We are encouraged that our models, favored themes, and individual stocks are off to a good start. Our Market Cap model favors mid cap again […]
4Q22 Earnings Updates: Part One – IBM, TMUS, and CMCSA Sale
IBM (IBM): IBM reported mixed 4Q22 results that were not good enough to support the stock in the near-term or bad enough to derail Northlake’s bullish long-term thesis. Revenue came in above expectations, which for us is the key component in the bull case. IBM has not shown consistent growth for a long time. The […]
Moving to Mid Cap to Start 2023
As we anticipated in last month’s analysis, Northlake’s Market Cap model shifted from large cap to mid cap with the latest update. The models use two-month averages to reduce signal volatility, so dropping November’s strong large cap reading in favor of January’s new small cap reading flipped the signal. Most of the shift over the […]
Models Unchanged After November Shift to Large Cap
Northlake’s thematic model recommendations are unchanged for December. The Market Cap model again favors large cap after last month’s change from mid cap. The Style model begins a fifth consecutive month at neutral between growth and value. Client portfolios that use Northlake’s models will continue to own the S&P 500 (SPY) for market cap exposure, […]
3Q22 Earnings Updates: Part Two – SONY, NXST, DIS, ATVI, WMT, HD, and META Follow-Up
Sony (SONY): SONY had improved results after a couple quarters of modest downward revisions. 2Q22 earnings came in ahead of consensus, and the company raised its guidance for FY22 which ends on 3/31/23. Importantly, SONY’s games segment showed signs of stability as the post-pandemic shift in behavior that has reduced engagement appears to have runs […]
Back to Large Cap Ahead of Significant Market Catalysts
Northlake’s Market Cap model shifted from mid cap to large cap with the latest monthly update. The Style model sticks at neutral for the fourth consecutive month. The change to large cap is driven by technical and trend factors with external factors focused on the economy and interest rates already leaning toward large cap for […]
3Q22 Earnings Updates: Part One – IBM, GOOG, META, CMCSA, TMUS, AAPL, VICI
IBM (IBM): IBM reported good results in a tough macro environment, further increasing our confidence in the transformation underway at the company. Revenue and EPS exceeded expectations with strength across all segments of the company. Management raised 2022 revenue guidance and maintained free cash flow guidance. The only real negative in the quarter and outlook […]
Equity Strategy Unchanged as Bond Yields Become Attractive
Despite weak and volatile markets in September, we are sticking with our preferences for mid cap and neutrality on growth vs. value. The September decline in stock and bond markets was broad-based with little variation in performance across market cap, style, sectors, and industries. Northlake believes the market ended September oversold vs. our expectation for […]
No Strategy Changes Amid Stock and Bond Market Weakness
Last month, we shifted our recommendations for both Market Cap and Style in our model-driven thematic strategies. We moved to neutral on growth vs. value and switched from large cap to mid cap for Market Cap. These changes were recommended by our models and consistent with our views on the market outlook over the next […]