Following the disclosure that Steve Jobs would take a medical leave of absence, Apple reported another in a string of incredibly strong quarterly earnings reports. The reported numbers easily beat expectations. Revenue upside came mostly from higher than expected selling prices with unit volumes in line with the high end of expectations. iPad volumes were […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2011-01-20 13:24:482026-03-17 16:55:25Apple Reports “Beat and Raise” in an Unusual Occurence
Walter Piecyk, an analyst I know at BTIG, wrote the following brief comment on Apple and published it this morning. The volume of Wall Street commentary on Apple this morning is enormous as expected. Walter’s note best captures my thinking so I reproduce it here with the hope that Walter and BTIG don’t mind. “The […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2011-01-18 09:11:492026-03-17 16:55:25Good Thoughts on Jobs and Apple
Northlake’s Style model shifted back to Mid Cap for January after a three month run at small cap. As a result, client assets dedicated to the Core and Explore strategy shifted their investment from the Russell 2000 (IWM) into the S&P 400 Mid Cap (MDY). The Style model was unchanged for January, sticking with the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2011-01-04 10:57:032026-03-17 16:55:25Shifting to Mid Cap and Sticking with Value to Start the New Year
Yesterday I began building client positions in the shares of Liberty Capital (LCAPA). Not all client positions were purchased but I expect to complete the buys within a few days. LCAPA is somewhat thinly traded and its shares are tied closely to those of Sirius XM (SIRI) making trading a bit tricky. LCAPA is the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-12-22 09:22:132026-03-17 16:55:25Liberty Capital: New Buy Based on Asset Value and Narrowing Discount
Last Friday, I attended Virgin Media’s (VMED) analyst meeting in New York. Here are my thoughts: Despite jumping from $15 to $27 since Janaury 2010, VMED still has excellent upside as free cash flow is set to accelerate and management appears very disciplined toward using it to pay down debt and repurchase shares. Given the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-12-08 15:44:152026-03-17 16:55:25Virgin Media Still Looking Good
Northlake’s Style model shifted back to Value after a one month stay at Growth. The model is in transition with mixed signals that are straddling the line between growth and value. The monthly signal volatility is not unusual when a long running signal reaches its conclusion. Prior to last month, the Style model had been […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-12-01 13:35:302026-03-17 16:55:25Back to Value as Economic Recovery Becomes More Sustainable
Discovery Communications (DISCK) reported good 3Q10 results. EBITDA beat estimates indicating fundamental health of the business but EPS missed due to incentive compensation costs related to the steadily rising stock price. Also disappointing was an almost complete lack of share repurchases. DISCK reported after the close on Tuesday, a week ago. The stock had closed […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-11-09 13:57:092026-03-17 16:55:25Discovery Communications: Story is Fine But Quarter Required Perfection
CBS reported slightly better than expected results in 3Q10. Revenues fell a little short of expectations at $3.3 billion. Estimates called for an additional $60 million. However, excellent margins led to EBITDA of $667 million, ahead of estimates for $642 million. The operating beat flowed through to EPS and the adjusted EPS of 35 cents […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-11-09 13:52:182026-03-17 16:55:25CBS: Is Good Quarter and Buyback Enough?
For the first time since the summer of 2009, Northlake’s Style model is recommending Growth over Value. In last month’s commentary, I mentioned this shift was possible as there had been a steady drift in the underlying model factors toward growth. The signal for November changed to growth but is just over the borderline. It […]
Virgin Media reported solid third quarter results as management continues to execute very well at the operating level and take advantage of VMED’s superior broadband network in the United Kingdom. Overall growth in revenue and EBITDA remains modest, rising mid to upper single digits. Free cash flow is growing double digits as capital spending intensity […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2010-10-28 10:27:192026-03-17 16:55:25Another Good Quarter for Virgin Media
Apple Reports “Beat and Raise” in an Unusual Occurence
Following the disclosure that Steve Jobs would take a medical leave of absence, Apple reported another in a string of incredibly strong quarterly earnings reports. The reported numbers easily beat expectations. Revenue upside came mostly from higher than expected selling prices with unit volumes in line with the high end of expectations. iPad volumes were […]
Good Thoughts on Jobs and Apple
Walter Piecyk, an analyst I know at BTIG, wrote the following brief comment on Apple and published it this morning. The volume of Wall Street commentary on Apple this morning is enormous as expected. Walter’s note best captures my thinking so I reproduce it here with the hope that Walter and BTIG don’t mind. “The […]
Shifting to Mid Cap and Sticking with Value to Start the New Year
Northlake’s Style model shifted back to Mid Cap for January after a three month run at small cap. As a result, client assets dedicated to the Core and Explore strategy shifted their investment from the Russell 2000 (IWM) into the S&P 400 Mid Cap (MDY). The Style model was unchanged for January, sticking with the […]
Liberty Capital: New Buy Based on Asset Value and Narrowing Discount
Yesterday I began building client positions in the shares of Liberty Capital (LCAPA). Not all client positions were purchased but I expect to complete the buys within a few days. LCAPA is somewhat thinly traded and its shares are tied closely to those of Sirius XM (SIRI) making trading a bit tricky. LCAPA is the […]
Virgin Media Still Looking Good
Last Friday, I attended Virgin Media’s (VMED) analyst meeting in New York. Here are my thoughts: Despite jumping from $15 to $27 since Janaury 2010, VMED still has excellent upside as free cash flow is set to accelerate and management appears very disciplined toward using it to pay down debt and repurchase shares. Given the […]
Back to Value as Economic Recovery Becomes More Sustainable
Northlake’s Style model shifted back to Value after a one month stay at Growth. The model is in transition with mixed signals that are straddling the line between growth and value. The monthly signal volatility is not unusual when a long running signal reaches its conclusion. Prior to last month, the Style model had been […]
Discovery Communications: Story is Fine But Quarter Required Perfection
Discovery Communications (DISCK) reported good 3Q10 results. EBITDA beat estimates indicating fundamental health of the business but EPS missed due to incentive compensation costs related to the steadily rising stock price. Also disappointing was an almost complete lack of share repurchases. DISCK reported after the close on Tuesday, a week ago. The stock had closed […]
CBS: Is Good Quarter and Buyback Enough?
CBS reported slightly better than expected results in 3Q10. Revenues fell a little short of expectations at $3.3 billion. Estimates called for an additional $60 million. However, excellent margins led to EBITDA of $667 million, ahead of estimates for $642 million. The operating beat flowed through to EPS and the adjusted EPS of 35 cents […]
Style Model Finally Favors Growth
For the first time since the summer of 2009, Northlake’s Style model is recommending Growth over Value. In last month’s commentary, I mentioned this shift was possible as there had been a steady drift in the underlying model factors toward growth. The signal for November changed to growth but is just over the borderline. It […]
Another Good Quarter for Virgin Media
Virgin Media reported solid third quarter results as management continues to execute very well at the operating level and take advantage of VMED’s superior broadband network in the United Kingdom. Overall growth in revenue and EBITDA remains modest, rising mid to upper single digits. Free cash flow is growing double digits as capital spending intensity […]