The 2013 Emmy Awards were handed out Sunday, but U.S. equity
markets are not saying congratulations.
Shares of companies that were hoping for a post-Emmy bounce
have received no such luck, indicating that awards shows perhaps
lack the same ability to impact media stocks the way big movie
successes failures do.
With media and entertainment stocks, including Netflix
) and CBS (NYSE:
) trading lower today, at least one high-flying ETF is taking a
breather. Some others with decent exposure to Emmy stocks are
down on the day as well, but this could be a buying opportunity
in these soaring funds.
PowerShares Dynamic Media Portfolio (NYSE:
) In early December 2012, the PowerShares Dynamic Media Portfolio
was highlighted as
one sector ETF to play in 2013
. That proved to be prescient advice because PBS has surged 42.8
percent since then.
Over that same period, PBS has outpaced the Consumer
Discretionary Select Sector SPDR (NYSE:
) by over 1,000 basis points, a relevant comparison because
nearly 62 percent of PBS's weight resides in the discretionary
Top-10 holdings CBS and Time Warner (NYSE:
), thanks to another year of HBO Emmy success, won plenty of
praise at the Emmys
. CBS is the parent company of Showtime, the home network for
Homeland, which along with HBO's Boardwalk Empire and Behind The
Candelabra, turned in an impressive Emmy night.
PBS also has an almost 2.9 percent weight to Netflix, but that
stock is down today as well despite House of Cards making its
presence felt at the Emmys.
Netflix Surge Helps Surprising ETF
Still, it is fair to say PBS is not being sold-off too hard on
Monday. Here is a fun fact: Homeland's new season starts on
Sunday, September 29. In the six months after the show's season
started last year, PBS jumped almost 17 percent.
The PowerShares Dynamic Leisure and Entertainment Portfolio
), which has a five percent weight to Time Warner, is also lower
on Monday, but on light volume. A decline of less than one
percent barely dents PEJ's almost 33 percent year-to-date
The First Trust ISE Cloud Computing Index Fund (NASDAQ:
), home to one of the
larger ETF allocations to Netflix
is also lower Monday, but again, this ETF has been on a powerful
ride higher in 2013. Even with today's 1.2 percent decline, SKYY
is still up nearly 22 percent in the past 90 days.
For more on ETFs, click
Disclosure: Author owns none of the securities mentioned
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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