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 17:35:242026-03-17 16:48:394Q22 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 19:08:422026-03-17 16:48:39Moving 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 05:08:002026-03-17 16:48:39Models 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 19:10:102026-03-17 16:48:393Q22 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 15:45:402026-03-17 16:48:39Back 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 15:28:312026-03-17 16:48:39Equity 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 […]
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 19:11:212026-03-17 16:48:392Q22 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 […]
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 […]
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 […]