Factors have fallen into place to boost the recently rejigged S&P movies & entertainment index to an above benchmark allocation today. While the index’s 12-month forward EPS took a hit with the NFLX addition in…
Overweight A number of macro factors have fallen into place that have warmed us to the S&P movies & entertainment index. Consumer confidence remains glued to multi-decade highs and there are high odds that the big…
Highlights Portfolio Strategy Disney’s recent streaming pricing disclosure and a favorable macro backdrop for recreation PCE argue that more gains are in store for the S&P movies & entertainment index. The price of credit…
Shares in Facebook, a heavyweight component of the S&P interactive media & services index, have been falling recently as an exodus of executives, including the founders of the Instagram platform, have shaken investor…
Underweight (High-Conviction) Shares in Facebook, a heavyweight component of the S&P interactive media & services index, have been falling recently as an exodus of executives, including the founders of the Instagram…
This deteriorating demand backdrop more than offset the industry’s reaction function, which has been intra and inter-industry M&A. Now that the M&A dust has settled, what is next in store for the industry? There…
Highlights Portfolio Strategy As growth becomes scarce, investors flock to sectors that are slated to outgrow the broad market and shy away from the ones that are forecast to trail the SPX’s growth rate. This week we rank…
The S&P interactive media & services index’s heavyweights Alphabet (the parent of Google) and Facebook have now reported their Q4 results and, while both beat estimates (particularly soundly in the case of Facebook…
Underweight (High-Conviction) The S&P interactive media & services index’s heavyweights Alphabet (the parent of Google) and Facebook have now reported their Q4 results and, while both beat estimates (particularly…
Underweight (High-Conviction) When we lowered our recommendation to underweight and added the S&P interactive media & services index to the high-conviction underweight list for 2019,1 we noted that one of our key themes for the…