Investors have"warmed to some of these names as they increasingly pivoted to direct-to-consumer offerings," while some stocks have been hit by volatility.
"Given their cyclical characteristics, several media and entertainment stocks have been rightly perceived as reopening plays, significantly running up on the prospects for the imminent widespread availability of vaccines on the heels of a historic U.S. economic stimulus package that should prop up consumer spending," CFRA Research analyst Tuna Amobi tells.
In contrast, streaming giant Netflix, which has often risen in recent years, is down 4 percent year-to-date as of Wednesday's market close at $521.66 after the stock seesawed in market action during the quarter. Analysts have in recent days particularly discussed the fallout of the volatility in ViacomCBS and Discovery shares.
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