2017 has been a tough year for movies & entertainment. The index has been in a steady downdraft and is now probing 5 year lows. Yesterday's U.S. consumer confidence number could presage an inflection point. Consumers are feeling…

Media shares have been under pressure of late, as a flare up in cord cutting worries and related concerns about TV ad spending. While these structural headwinds will likely remain intact for the foreseeable future, cheap valuations…

Highlights Portfolio Strategy Upgrade capital markets stocks to overweight and put them on the high-conviction list. Capital formation is poised to accelerate in the second half of the year. Our Indicators suggest that demand for…

Cable stocks continue to demonstrate market leadership, largely on the back of the industry ability to persistently raise selling prices at a rate much faster than overall inflation. Cable operators' ability to continually evolve…

Media stocks are on track to set new relative performance highs. Media sales growth is in recovery mode. Consumers have significantly boosted spending on media services, as measured by personal consumption expenditures data. Pricing…

Highlights Portfolio Strategy Media stocks are poised to challenge previous relative performance highs as sales growth reaccelerates. Stay overweight. The materials sector has lagged behind the commodity price rally, a sign of…

The relative performance of media stocks over the past few months would seem to foretell of a downturn in cash flow prospects. However, the opposite is true. The latest consumer spending data showed that outlays on media products and…

Media stocks have churned in the past few years, but we view this as setting the stage for outperformance and not a precursor to a decline. While the manufacturing side of the U.S. economy continues to struggle in a world of excess…

In recent months we have outlined and acted on the bull case for media by upgrading both the S&P cable & satellite and S&P movies & entertainment indexes. This week we added another sub-component to the overweight column…

Expectations of a prolonged period of abundant liquidity and rising confidence that recession is not imminent have created the conditions for a potential blow-off phase. This week we are fine-tuning our portfolio for peak performance…