The S&P 500 communication services index has increased 20% so far in 2019, beating the S&P 500’s 17% gain and all but two of 11 sectors – technology and real estate. That strong performance is in large part thanks to a recovery by Facebook Inc, as investors bet that the world’s largest social network will keep growing, even as it faces regulatory hurdles.
Disney’s family-friendly Disney+, set to launch on November 12 with a slate of new and classic TV shows and movies, is viewed as the most dangerous threat to Netflix. Disney’s shares hit a record high on Monday and have surged 28% this year. Disney’s stock is trading at 22 times expected earnings, its highest forward earnings valuation since 2004, according to Refinitiv data. Netflix’s forward earnings valuation has dipped to 66 from 82 in early July, before its disappointing quarterly report.
“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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