Quarterly reports next week from Walt Disney Co, CBS and Viacom will likely high...
SAN FRANCISCO - Quarterly reports next week from Walt Disney Co, CBS and Viacom will likely highlight increasing competition in video streaming and could spark volatility in the so-called communication services sector, which has outperformed since it was overhauled last year.
Netflix’s stock has sunk 14% since it reported on July 17 that it unexpectedly lost U.S. subscribers in the second quarter, rattling investors already worried about the upcoming launch of Disney’s streaming service. The recent increase in Disney’s shares and decline in Netflix’s shows that investors expect Disney to significantly dent Netflix’s leadership in streaming, Carlson said.
“The Netflix disappointment and the big Disney box office numbers underscore the importance of intellectual property, of ownership of content,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago. Even though Netflix makes many of its own shows, it still relies on other producers, he said.
In addition to looking for potential confirmation of that deal when CBS and Viacom report their results on Thursday, investors will focus on growth in CBS’s All Access and Showtime streaming services.
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