Activision Blizzard (ATVI): ATVI and Microsoft (MSFT) continue to await a regulatory ruling on the proposed acquisition of ATVI for $95 per share. The companies expect to close the deal in 2023, and Northlake continues to expect approval despite the large discount to the deal price at which ATVI trades. Recently, the discount has narrowed […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-08-09 19:11:212022-08-09 19:11:212Q22 Earnings Updates: Part Two – ATVI, NXST, DIS, WMT, and HD
Our Market Cap and Style models shifted for August. Market Cap is now recommending mid cap, and Style moved to neutral. Both models had been on their prior recommendations since the beginning of February. The changes are due mostly to factors driven by the market’s sharp rebound in July that impacted the technical and trend […]
IBM (IBM): IBM reported mostly solid 2Q22 results, but the stock fell victim to its strong performance from earlier this year. Ahead of the report, the shares were nearly unchanged against a 20-30% decline for major stock market averages. This strong performance raised expectations for IBM, and a good report with a few small flaws […]
There are no changes to our thematic strategies for July. Entering the third quarter, we continue to favor large cap and value. The bias toward value influences our ongoing favorable view of international markets on a relative basis vs. the growth-dominated U.S. market benchmarks. Among economic sectors, we still prefer value-oriented financials and industrials. We […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-07-01 14:12:342022-07-01 14:12:34Sticking With What’s Been Working (And Losing Less)
We added Walmart (WMT) to Northlake’s individual stock portfolio across the client base. As always, there could be a few exceptions due to account-level constraints. We like WMT on a fundamental basis, but before we explain that part of the thesis, we wanted to mention two other reasons we made the purchase. First, WMT is […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-06-24 20:22:502022-06-24 20:22:50Playing Offense and Defense at Walmart
There are no changes to Northlake’s thematic strategies as we head into June. We still have a preference for large cap and value and continue to like international exposure which tilts much more toward value than the major U.S. indices that are dominated by large cap growth stocks in technology industries. Our recommendations of large […]
We have been surprised by how quickly and deeply the stock market has adopted the assumption of a sharp and imminent recession. The S&P 500 has fallen nearly 20% from its all-time high on January 3rd but this understates the decline. The NASDAQ is down 29% and the Russell 2000 is down 23%. Consumer Discretionary […]
VICI Properties (VICI): VICI reported its typically boring quarter with results in line to slightly better than street expectations. Boring is exactly what we like about VICI. As a landlord to the nation’s two leading gaming companies, Caesars and MGM, VICI’s business model is highly predictable. The company collects rents with built-in escalators. Beyond the […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-05-12 19:31:192022-05-12 19:31:191Q22 Earnings Update: Part Three – VICI, NXST, SONY, DIS, HD
We are sticking with our preference for large cap and value after reviewing our updated models. We also continue to think exposure to international makes sense in strategies primarily focused on thematic exchange traded funds (ETFs). For clients with strategies using Northlake’s Market Cap and Style models, holdings in the S&P 500 (SPY) and Russell […]
https://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gif00Steve Birenberghttps://northlakecapital.com/wp-content/uploads/2026/02/nl_logo.gifSteve Birenberg2022-05-02 17:20:222022-05-02 17:20:22Large Cap and Value Make Sense Amid Correction and Economic Uncertainty
Facebook (FB): FB shares soared off recent lows after the company reported 1Q22 results and issued updated guidance. The stock had fallen about 50% since last summer and was trading at pre-pandemic levels heading into the report. This is a good example of how expectations play a huge role in short-term stock price action. FB’s […]
2Q22 Earnings Updates: Part Two – ATVI, NXST, DIS, WMT, and HD
Activision Blizzard (ATVI): ATVI and Microsoft (MSFT) continue to await a regulatory ruling on the proposed acquisition of ATVI for $95 per share. The companies expect to close the deal in 2023, and Northlake continues to expect approval despite the large discount to the deal price at which ATVI trades. Recently, the discount has narrowed […]
Models Shift as Market and Investor Assumptions Change
Our Market Cap and Style models shifted for August. Market Cap is now recommending mid cap, and Style moved to neutral. Both models had been on their prior recommendations since the beginning of February. The changes are due mostly to factors driven by the market’s sharp rebound in July that impacted the technical and trend […]
2Q22 Earnings Updates: Part One – IBM, WMT, GOOG, TMUS, META, CMCSA, VICI, AAPL, SONY
IBM (IBM): IBM reported mostly solid 2Q22 results, but the stock fell victim to its strong performance from earlier this year. Ahead of the report, the shares were nearly unchanged against a 20-30% decline for major stock market averages. This strong performance raised expectations for IBM, and a good report with a few small flaws […]
Sticking With What’s Been Working (And Losing Less)
There are no changes to our thematic strategies for July. Entering the third quarter, we continue to favor large cap and value. The bias toward value influences our ongoing favorable view of international markets on a relative basis vs. the growth-dominated U.S. market benchmarks. Among economic sectors, we still prefer value-oriented financials and industrials. We […]
Playing Offense and Defense at Walmart
We added Walmart (WMT) to Northlake’s individual stock portfolio across the client base. As always, there could be a few exceptions due to account-level constraints. We like WMT on a fundamental basis, but before we explain that part of the thesis, we wanted to mention two other reasons we made the purchase. First, WMT is […]
Staying the Course Amidst Market Volatility
There are no changes to Northlake’s thematic strategies as we head into June. We still have a preference for large cap and value and continue to like international exposure which tilts much more toward value than the major U.S. indices that are dominated by large cap growth stocks in technology industries. Our recommendations of large […]
Market Commentary – May 25, 2022
We have been surprised by how quickly and deeply the stock market has adopted the assumption of a sharp and imminent recession. The S&P 500 has fallen nearly 20% from its all-time high on January 3rd but this understates the decline. The NASDAQ is down 29% and the Russell 2000 is down 23%. Consumer Discretionary […]
1Q22 Earnings Update: Part Three – VICI, NXST, SONY, DIS, HD
VICI Properties (VICI): VICI reported its typically boring quarter with results in line to slightly better than street expectations. Boring is exactly what we like about VICI. As a landlord to the nation’s two leading gaming companies, Caesars and MGM, VICI’s business model is highly predictable. The company collects rents with built-in escalators. Beyond the […]
Large Cap and Value Make Sense Amid Correction and Economic Uncertainty
We are sticking with our preference for large cap and value after reviewing our updated models. We also continue to think exposure to international makes sense in strategies primarily focused on thematic exchange traded funds (ETFs). For clients with strategies using Northlake’s Market Cap and Style models, holdings in the S&P 500 (SPY) and Russell […]
1Q22 Earnings Update: Part Two – FB, CMCSA, AAPL
Facebook (FB): FB shares soared off recent lows after the company reported 1Q22 results and issued updated guidance. The stock had fallen about 50% since last summer and was trading at pre-pandemic levels heading into the report. This is a good example of how expectations play a huge role in short-term stock price action. FB’s […]