Recession fears are sparking concerns about the media sector. Both Goldman Sachs and Sanford Bernstein issued negative notes Wednesday. Is there a trade?
On CNBC’s “Closing Bell”, Julia Boorstin explains that Goldman Sachs reduced estimates across communications, media and entertainment saying these economically-sensitive sectors will be dragged down by the recession it forecasts this year.
Meanwhile, Sanford Bernstein says despite the industry's underperformance -- economic concerns portend more problems.
Can you trade it?
We’ve been short Disney (DIS), Gannet (GCI) and McClatchy (MNI) explains Jon Najarian. but now we’re out.
I recommend keeping an eye on Gannett because on Tuesday the stock experienced a 4% sell-off. Historically that's happened 11 times and typically the stock has rallied significantly over the next 18 days after the sell off.
I don't own it , yet but I think that stock should start to move higher.