There were no changes to Northlake’s monthly Market Cap and Style models for August. The Market Cap model is still recommending small caps and the Style model is signaling Value. The small cap signal has been in place since September 2008, while this is the second consecutive month for the value signal. As a result […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-08-03 14:20:292009-08-03 14:20:29August 2009 Model Signals Favor Small Caps and Value
Disney’s (DIS) third-quarter 2009 report looked a lot like its second-quarter 2009 report. Trends remain weak but are not getting any worse. EPS beat by a penny while revenue fell slightly short of expectations. The revenue miss led to CNBC headlines and a post-report sell-off in the shares, but the miss appears to emanate from […]
Time Warner reported a good 3Q09, beating expectations on most key metrics. EPS of 45 cents exceeded the consensus estimate of 37 cents. Revenues of $6.81 billion fell slightly short of consensus for $6.97. EBITDA was down just 2%, far ahead of expectations for a drop of 11-14%. The upside came in Networks and Filmed […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-07-29 12:51:372009-07-29 12:51:37Good Quarter at Time Warner Goes Unrewarded
Viacom reported mixed 2Q09 results with adjusted EPS of 49 cents matching expectations on $3.3 billion in revenues, which were $200 million light of expectations. The revenue shortfall came from the Paramount movie studio and Rock Band which are less important aspects of the Viacom story. The company’s cable TV networks performed well in the […]
In response to solid 2Q09 earnings, AT&T shares are breaking out of a multi-month funk where they sharply lagged the market and peer Verizon. The results were at the high end of expectations and contained no major negative surprises. The stage is set for a better second half and 2010 as the economy stabilizes and […]
Apple reported another great quarter with Mac and iPhone unit sales exceeding expectations and gross margins coming in well ahead of the most bullish estimate. The stock has come a long way and may stall after this morning’s pop but I think over the balance of this year the stock can move to $180 to […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-07-22 08:07:552009-07-22 08:07:55Apple Scores Again with Big Quarter and Good Guidance
My friend and RealMoney.com colleague, Jordan Kahn, wrote the following preview of Apple’s June quarter earnings which are due to be reported after the close tonight. Please check out Jordan’s blog “In The Money” for more of his always excellent commentary. I’d preface Jordan’s comments by noting that the estimates and stock price targets for […]
Earnings season for media stocks begins in earnest next week but there is still news flow that is impacting the stocks. Media stocks soared on Monday after leading last week’s rally. Monday’s move was the result of a bullish cover story (subscription required) on the sector in Barron’s. The author, Michael Santoli, essentially reiterated my […]
The following commentary first appeared in the “Dow of Steve” blog on SNL Kagan’s subscription website on July 1, 2009. There were signs in last that the upfront market was finally beginning to move although few if any deals have been struck between broadcast networks and advertisers. Experienced observers can point to only one other […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-07-09 13:27:552009-07-09 13:27:55Upfront Trying to Break Which Would Help Media Stocks
I purchased CBS for most Northlake clients on July 7th. The stock has pulled back by 33% off its recovery high leaving it at a point where I think the risk-reward tradeoff is favorable. I can easily construct a scenario where the stock moves from $6 to $9 assuming that advertising trends begin to improve […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2009-07-07 10:48:072009-07-07 10:48:07CBS: New Buy For Cyclical Upturn as Balance Sheet Concerns Ease
August 2009 Model Signals Favor Small Caps and Value
There were no changes to Northlake’s monthly Market Cap and Style models for August. The Market Cap model is still recommending small caps and the Style model is signaling Value. The small cap signal has been in place since September 2008, while this is the second consecutive month for the value signal. As a result […]
Disney Quarter Shows Stability But No Improvement
Disney’s (DIS) third-quarter 2009 report looked a lot like its second-quarter 2009 report. Trends remain weak but are not getting any worse. EPS beat by a penny while revenue fell slightly short of expectations. The revenue miss led to CNBC headlines and a post-report sell-off in the shares, but the miss appears to emanate from […]
Good Quarter at Time Warner Goes Unrewarded
Time Warner reported a good 3Q09, beating expectations on most key metrics. EPS of 45 cents exceeded the consensus estimate of 37 cents. Revenues of $6.81 billion fell slightly short of consensus for $6.97. EBITDA was down just 2%, far ahead of expectations for a drop of 11-14%. The upside came in Networks and Filmed […]
Viacom’s Sequential Improvement in Advertising is Bullish
Viacom reported mixed 2Q09 results with adjusted EPS of 49 cents matching expectations on $3.3 billion in revenues, which were $200 million light of expectations. The revenue shortfall came from the Paramount movie studio and Rock Band which are less important aspects of the Viacom story. The company’s cable TV networks performed well in the […]
Solid Results From AT&T Should Sustain Improved Investor Sentiment
In response to solid 2Q09 earnings, AT&T shares are breaking out of a multi-month funk where they sharply lagged the market and peer Verizon. The results were at the high end of expectations and contained no major negative surprises. The stage is set for a better second half and 2010 as the economy stabilizes and […]
Apple Scores Again with Big Quarter and Good Guidance
Apple reported another great quarter with Mac and iPhone unit sales exceeding expectations and gross margins coming in well ahead of the most bullish estimate. The stock has come a long way and may stall after this morning’s pop but I think over the balance of this year the stock can move to $180 to […]
Apple Quarterly Earnings Preview
My friend and RealMoney.com colleague, Jordan Kahn, wrote the following preview of Apple’s June quarter earnings which are due to be reported after the close tonight. Please check out Jordan’s blog “In The Money” for more of his always excellent commentary. I’d preface Jordan’s comments by noting that the estimates and stock price targets for […]
Barron’s Boosts Media Stocks Ahead of Earnings
Earnings season for media stocks begins in earnest next week but there is still news flow that is impacting the stocks. Media stocks soared on Monday after leading last week’s rally. Monday’s move was the result of a bullish cover story (subscription required) on the sector in Barron’s. The author, Michael Santoli, essentially reiterated my […]
Upfront Trying to Break Which Would Help Media Stocks
The following commentary first appeared in the “Dow of Steve” blog on SNL Kagan’s subscription website on July 1, 2009. There were signs in last that the upfront market was finally beginning to move although few if any deals have been struck between broadcast networks and advertisers. Experienced observers can point to only one other […]
CBS: New Buy For Cyclical Upturn as Balance Sheet Concerns Ease
I purchased CBS for most Northlake clients on July 7th. The stock has pulled back by 33% off its recovery high leaving it at a point where I think the risk-reward tradeoff is favorable. I can easily construct a scenario where the stock moves from $6 to $9 assuming that advertising trends begin to improve […]